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Crude Extends Decline  Weak China Data and Stronger US Dollar

OIL

Crude extends decline on demand concerns with weak Chinese factory and services data in October and ahead of the US Fed rate decision later this week. The stronger US dollar is adding to the downward pressure.

  • Time spreads are also slightly softer but still high due to tight global supplies.
    • Brent JAN 23 down -1.3% at 92.52$/bbl
    • WTI DEC 22 down -1.5% at 86.6$/bbl
    • WTI-Brent down -0.12$/bbl at -8.02$/bbl
    • Brent JAN 23-FEB 23 down -0.01$/bbl at 1.9$/bbl
    • Brent FEB 23-MAR 23 down -0.03$/bbl at 1.59$/bbl
    • Brent DEC 22-DEC 23 down -0.52$/bbl at 12.47$/bbl

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