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Crude Extends Rally on Hopes of China Oil Demand Boost

OIL

Crude extends gains as the reduced international travel and quarantine restrictions in China lifted hopes for a boost in oil demand. The easing restrictions come at a time when covid cases are rising and lockdowns are increasing but could be a sign for further easing and demand recovery into next year.

  • The weaker US dollar following the below expected US CPI data yesterday is adding the crude price support.
  • The front month WTI-Brent spread continues to slide down to -8$/bbl from -7$/bbl at the start of the week.
    • Brent JAN 23 up 3% at 96.5$/bbl
    • WTI DEC 22 up 3.4% at 89.38$/bbl
    • WTI-Brent down -0.07$/bbl at -8$/bbl
    • Brent JAN 23-FEB 23 up 0.13$/bbl at 1.71$/bbl
    • Brent JUN 23-DEC 23 up 0.37$/bbl at 4.85$/bbl
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