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Crude Extends Decline on China and US Demand Concern

OIL

Crude extends decline on concerns for potential US Fed rate hike this week and after weak China manufacturing data. Front month Brent has lost much of the gains seen on Friday but remains above the low of around 77.5$/bbl reached several times last week.

  • Prompt time spread remains steady but the longer dated spreads are following the move.
    • Brent JUL 23 down -1.9% at 78.82$/bbl
    • WTI JUN 23 down -2% at 75.23$/bbl
    • Brent JUL 23-AUG 23 down -0.02$/bbl at 0.39$/bbl
    • Brent DEC 23-DEC 24 down -0.3$/bbl at 3.38$/bbl
    • WTI JUN 23-JUL 23 down -0.01$/bbl at 0.16$/bbl
    • WTI JUN 23-DEC 23 down -0.17$/bbl at 2.5$/bbl
    • WTI DEC 23-DEC 24 down -0.3$/bbl at 3.67$/bbl

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