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Crude Extends Decline Towards Lows Last Week


Crude futures and time spreads extend losses on the day but are holding above the lows from last week as the market weighs the risks to Iranian supplies from the Israel conflict. Weak fuel demand is also weighing on oil market ahead of the latest US Fed and BOE central bank meetings later this week.

  • Technicals suggest the trend condition remains bullish and recent short-term weakness is considered corrective with key Brent Dec23 support at the Oct 6 low of 83.44$/bbl ahead of the contract expiry tomrrow. Key WTI Dec23 support is at 80.20$/bbl.
    • Brent DEC 23 down -2.5% at 88.19$/bbl
    • Brent JAN 24 down -2.4% at 87.03$/bbl
    • WTI DEC 23 down -2.9% at 83.02$/bbl
    • WTI-Brent down -0.2$/bbl at -5.16$/bbl
    • Brent DEC 23-JAN 24 down -0.1$/bbl at 1.18$/bbl
    • Brent JAN 24-FEB 24 down -0.12$/bbl at 0.75$/bbl
    • Brent DEC 23-DEC 24 down -0.79$/bbl at 6.75$/bbl
    • WTI DEC 23-JAN 24 down -0.14$/bbl at 0.7$/bbl
    • WTI DEC 23-DEC 24 down -1.02$/bbl at 6.34$/bbl

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