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Crude Holding Steady Before EIA and US Fed

OIL

Crude futures and spreads are holding just below previous close levels ahead of the US Fed rate decision and US EIA inventory data later today.

  • The EIA weekly petroleum inventory data is due for release this afternoon at 14:30GMT. Expectation is for the data to show a draw in crude inventories and in oil products with another recovery higher in refinery utilisation according to a Bloomberg survey.
  • The US Fed rate decision is expected at 18:00 GMT with the expectation for the central bank to raise rates by 25 basis points.
    • Brent MAY 23 down -0.3% at 75.09$/bbl
    • WTI MAY 23 down -0.3% at 69.45$/bbl
    • WTI-Brent up 0.05$/bbl at -5.64$/bbl
    • Brent MAY 23-JUN 23 down -0.02$/bbl at 0.27$/bbl
    • Brent JUN 23-DEC 23 down -0.05$/bbl at 1.47$/bbl
    • Brent DEC 23-DEC 24 down -0.1$/bbl at 2.43$/bbl
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