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Crude Markets Face Further Weakness

OIL

Oil retreats, nearing recent lows as it fails to sustain any upward momentum. Crude markets have been weighed upon by recessionary pressures.

  • This week saw disappointing US economic data while uncertainty over further interest rate hikes has weighed on the demand outlook.
  • The OPEC+ move to boost markets has fizzled out – while Russian Deputy PM Novak said yesterday the group has no plans for further cuts at present.
  • There have been increasing signs that supposed Russian production cuts have not resulted in weaker exports yet, keeping crude markets well supplied.
  • Brent JUN 23 down -0.7% at 77.8$/bbl
  • WTI JUN 23 down -0.9% at 74.12$/bbl

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