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Crude Holding Ground After Decline on Lower Demand Forecasts

OIL

Brent crude oil hovering around 92.5$/bbl and WTI around 85$/bbl with tight supply concerns weighed against forecasts of lower demand growth.

  • Prompt time spreads continue to drift lower with Brent the lowest since Sep 22. Longer dated spreads are seeing more support and holding steady after drifting lower on economic concerns yesterday.
    • Brent JAN 23 down -0.8% at 92.41$/bbl
    • WTI DEC 22 down -0.9% at 85.13$/bbl
    • WTI-Brent up 0.2$/bbl at -7.77$/bbl
    • Brent JAN 23-FEB 23 down -0.33$/bbl at 0.99$/bbl
    • Brent FEB 23-MAR 23 down -0.3$/bbl at 0.92$/bbl
    • Brent JUN 23-DEC 23 down -0.09$/bbl at 4.1$/bbl
    • Brent DEC 23-DEC 24 down -0.12$/bbl at 5.18$/bbl

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