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Crude Extends Gains on Potential for Higher Demand and Tighter Supply

OIL

Crude extends gains on optimism for Chinese oil demand amid uncertainty over the upcoming OPEC+ meeting and Russian output following sanctions starting next week.

  • Brent has rallied from a low of 80.83$/bbl on Nov 28 and is approaching the 50 day moving average technical resistance at 89.46$/bbl.
  • Time spreads are following the move higher on the potential for higher demand and tighter supplies.
    • Brent FEB 23 up 2.2% at 88.91$/bbl
    • WTI JAN 23 up 2.7% at 82.75$/bbl
    • Brent FEB 23-MAR 23 up 0.18$/bbl at 0.16$/bbl
    • Brent MAR 23-APR 23 up 0.14$/bbl at 0.3$/bbl
    • Brent JUN 23-DEC 23 up 0.42$/bbl at 3.06$/bbl
    • Brent DEC 23-DEC 24 up 0.49$/bbl at 4.89$/bbl

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