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Crude Higher as OPEC Shows Tighter Oil Market and with Weaker USD

OIL

Crude extends gains after the updated US CPI data with support from a weaker US dollar. The core CPI was roughly in line although % m/m was on the high side of expectations (0.436% M/M unrounded vs 0.4% expected median and 0.36% average).

  • Brent crude has regained much of the losses from yesterday with support from the latest monthly OPEC report showing a tighter oil market due to production cuts and a higher China oil demand growth forecast.
    • Brent AUG 23 up 2.5% at 73.66$/bbl
    • WTI JUL 23 up 2.4% at 68.74$/bbl
    • WTI-Brent down -0.16$/bbl at -4.78$/bbl
    • Brent AUG 23-SEP 23 up 0.07$/bbl at 0.09$/bbl
    • Brent DEC 23-DEC 24 up 0.29$/bbl at 2.77$/bbl
    • WTI JUL 23-AUG 23 up 0.02$/bbl at -0.15$/bbl
    • WTI DEC 23-DEC 24 up 0.33$/bbl at 3.02$/bbl

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