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Crude Fall Further Amid Uncertain Israel Response

OIL

Crude futures and time spreads continue to pull back with a reducing Middle East risk premium amid significant uncertainty over Israel’s response to Iran’s attack last weekend.

  • Israel is unlikely to carry out a strike on Iran until after Passover according to ABC citing a senior US official. Passover begins on Monday until April 29.
  • Front month Brent is trading near to the lows of the month after a pull back from a high of $92.18/bbl on Apil 12.
  • Technicals show first support for Brent is at the 50 day EMA at $85.35/bbl while WTI support is at $81.12/bbl.
    • Brent JUN 24 down 0.4% at 86.96$/bbl
    • WTI MAY 24 down 0.4% at 82.36$/bbl
    • WTI-Brent up 0.04$/bbl at -5.1$/bbl
    • Brent JUN 24-JUL 24 down 0.08$/bbl at 0.61$/bbl
    • Brent JUN 24-DEC 24 down 0.27$/bbl at 3.73$/bbl
    • WTI MAY 24-JUN 24 down 0.05$/bbl at 0.49$/bbl
    • WTI JUN 24-DEC 24 down 0.27$/bbl at 3.57$/bbl
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