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Crude Falls Ahead of ECB Meeting

OIL

Crude prices have eroded the war premium driven by Wednesday’s Netanyahu ground invasion comments. Markets are now focusing on the weaker demand picture ahead of the ECB’s monetary meeting, apparent in the physical market.

  • Brent DEC 23 down -2.6% at 87.8$/bbl
  • WTI DEC 23 down -3% at 82.81$/bbl
  • The next ECB monetary policy decision will be released at 13:15BST with the press conference scheduled at 13:45BST. Analyst and market pricing suggest no change to current interest rates. Current market pricing points to the tightening cycle being over.

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