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Crude Maintains Small Recovery After US Jobs Data

OIL

Crude maintains earlier gains after the US jobs data as the oil market recovers some of the losses seen this week on recession and demand concerns.

  • The latest US Nonfarm payrolls showed +253k compared to the 185k survey and prior 236k.
  • Brent recovers from the lowest since December 2021 seen earlier this week with support from the potential for tighter supplies later this year with the start of OPEC cuts this month and potential higher demand from China.
  • Next technical resistance for Brent is at the 3 May high of 75.58$/bbl and for WTI at 71.79$/bbl.
    • Brent JUL 23 up 3% at 74.64$/bbl
    • WTI JUN 23 up 3.1% at 70.71$/bbl
    • WTI-Brent down -0.08$/bbl at -4.01$/bbl
    • Brent JUL 23-AUG 23 up 0.04$/bbl at 0.22$/bbl
    • Brent DEC 23-DEC 24 up 0.5$/bbl at 2.87$/bbl

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