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Crude Finds Further Strength


Crude has extended gains this morning, following momentum yesterday as the EIA announced falling crude and distillate stockpiles in the US last week.

  • Inventory figures also showed stronger draws than anticipated in the Middle East and Europe this week.
  • A weaker dollar and continued optimism about the return of Chinese demand remain as a supportive backdrop as well as signs that Russian crude flows have fallen off the market following the EU oil import ban and G7 oil cap.
  • Traffic congestion indicators in China have however thrown caution to crude recovery upside as they show a drop off prompted by a surge in infections as the country pivots away from a zero Covid policy.
  • Brent FEB 23 up 1.7% at 83.61$/bbl
  • WTI FEB 23 up 1.7% at 79.64$/bbl

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