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Crude Markets Holds Steady After Overnight Gains

OIL

Crude futures and time spreads hold onto earlier gains as the ECB as expected raises interest rates by 25bp.

  • Front month Brent is hovering just below recent highs with the key technical resistance levels up at 85.47$/bbl ahead of the Sep contract expiry on Monday. Key WTI Sep resistance is at 81.44$/bbl.
  • Prompt time spreads are holding steady after recent gains reflecting the tighter market supply expectations. Longer dated spreads are following the front month higher with some support from a generally weaker US dollar following the Fed rate decision yesterday.
    • Brent SEP 23 up 0.8% at 83.62$/bbl
    • WTI SEP 23 up 1.1% at 79.61$/bbl
    • WTI-Brent up 0.02$/bbl at -3.99$/bbl
    • Brent SEP 23-OCT 23 up 0.03$/bbl at 0.39$/bbl
    • Brent DEC 23-DEC 24 up 0.16$/bbl at 4.42$/bbl
    • WTI SEP 23-OCT 23 up 0.07$/bbl at 0.45$/bbl
    • WTI DEC 23-DEC 24 up 0.18$/bbl at 4.89$/bbl

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