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Crude Falls as CPI Data Increases Demand Concerns

OIL

Crude falls after another upside surprise in US CPI inflation data with further central bank tightening expected and US recession weighing on oil demand growth estimates.

  • WTI is declining faster than Brent bringing the front month WTI-Brent spread out to -6.7$/bbl from -6.44$/bbl before the data.
  • Crude time spreads have not reacted with tight supplies keeping levels elevated.
    • Brent DEC 22 down -0.9% at 91.6$/bbl
    • WTI NOV 22 down -1.4% at 86.04$/bbl
    • WTI-Brent down -0.14$/bbl at -6.66$/bbl
    • Brent DEC 22-JAN 23 down -0.04$/bbl at 1.59$/bbl
    • Brent DEC 22-DEC 23 down -0.12$/bbl at 12.11$/bbl

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