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Crude Extends Decline on US Demand Concern

OIL

Crude futures and spreads fall with concern for the US economy weighing on WTI more than Brent. The WTI-Brent spread had seen a slight recovery back to -6.7$/bbl earlier today but has since pulled back to -6.82$/bbl.

  • Next technical support from the Apr23 Brent contract is at the 23 Feb low at 80.4$/bbl and the WTI at the 22 Feb low of 73.8$/bbl. The April 23 Brent contract is due to expire tomorrow.
    • Brent APR 23 down -1.4% at 82$/bbl
    • WTI APR 23 down -1.5% at 75.15$/bbl
    • Gasoil MAR 23 up 1.6% at 821.5$/mt
    • WTI-Brent down -0.08$/bbl at -6.81$/bbl
    • Brent APR 23-MAY 23 down -0.05$/bbl at 0.29$/bbl
    • Brent JUN 23-DEC 23 down -0.14$/bbl at 2.33$/bbl

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