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Crude Loses Small Gains With Demand Concern Still in Focus


Crude has lost the small gains from earlier today with ECB following the US Fed with a 25 basis point rate rise. Market focus remains on oil demand growth and recession fears after a Brent crude drop from around 79.5$/bbl in the last two days and from a high of 87.4$/bbl on 12 April.

  • Next key technical support for Brent is at the 20 March low of 70.1$/bbl and WTI support at the intra day low down at 63.64$/bbl and 2 Dec low of 62.43$/bbl.
  • The WTI-Brent spread has drifted slightly lower today assisted by a build in Cushing stocks in EIA data yesterday.
  • Brent JUL 23 up 0.1% at 72.42$/bbl
  • WTI JUN 23 down -0.2% at 68.47$/bbl
  • WTI-Brent down -0.14$/bbl at -3.99$/bbl
  • Brent JUL 23-AUG 23 down -0.01$/bbl at 0.14$/bbl
  • Brent DEC 23-DEC 24 up 0.06$/bbl at 2.04$/bbl

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