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Crude Jumps and Reverses Losses

OIL

Crude front month has risen sharply during US hours to be now trading positive on the day. This has reversed some of the earlier losses as the market continues to struggle for clear direction.

  • WTI JAN 24 up 0.6% at 71.67$/bbl
  • WTI-Brent down -0.02$/bbl at -4.43$/bbl
  • WTI JAN 24-FEB 24 down -0.02$/bbl at -0.23$/bbl
  • WTI FEB 24-MAR 24 down -0.05$/bbl at -0.19$/bbl
  • The rebound comes as crude has been experiencing pressure due to the potential for a market surplus next year amid lack of confidence that OPEC+ voluntary cuts can offset the non-OPEC supply growth.
  • The potential slower demand growth from China is had also been adding pressure to prices.
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