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Crude Extends Gains on OPEC Production Concern

OIL

Crude extends gains with Brent up towards the 50 day EMA technical resistance level at 78.56$/bbl and WTI near the resistance at 74.41$/bbl.

  • Support comes from uncertainty over future OPEC+ production ahead of the 3-4 June meeting after a warning to oil speculators from the Saudi Energy Minister yesterday. Concern for the US economy and recessionary fears are limiting upside moves with debt ceiling talks ongoing.
  • Crude time spreads are following the move higher with Dec23-Dec24 up to the highest since the start of May.
    • Brent JUL 23 up 1.7% at 78.16$/bbl
    • WTI JUL 23 up 1.9% at 74.31$/bbl
    • WTI-Brent up 0.06$/bbl at -3.85$/bbl
    • Brent JUL 23-AUG 23 up 0.06$/bbl at 0.16$/bbl
    • Brent DEC 23-DEC 24 up 0.34$/bbl at 3.59$/bbl
    • WTI JUL 23-AUG 23 up 0.04$/bbl at 0.1$/bbl
    • WTI DEC 23-DEC 24 up 0.32$/bbl at 4.1$/bbl
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