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Crude Holding Gains Ahead of Powell Speech

OIL

Crude is holding onto gains from earlier in the day after recovering from yesterday’s low and now not far off flat on the week ahead of the speech from Fed Chair Powell shortly.

  • The market is weighing US and China demand uncertainty against tight supplies despite strong output from Iran and increased optimism for future Iraq and Venezuela supplies.
  • European and US diesel cracks at their highest level since January are also supportive of crude oil prices.
    • Brent OCT 23 up 1% at 84.2$/bbl
    • WTI OCT 23 up 1.1% at 79.92$/bbl
    • WTI-Brent down -0.02$/bbl at -4.28$/bbl
    • Brent OCT 23-NOV 23 up 0.1$/bbl at 0.54$/bbl
    • Brent DEC 23-DEC 24 up 0.27$/bbl at 4.31$/bbl

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