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Crude Markets Jump on CPI Report Before Retreating

OIL

Crude prices initially spiked on news from the US CPI report which showed that annual inflation was cooling before selling off the gains.

  • Oil markets showed little reaction to this months OPEC report which was largely a rollover from the month prior.
  • Crude was already facing weakness today after the US continued with its plans to release a further 26mn bbls from the SPR which will offset some loses in Russian production in the short term.
  • Brent APR 23 down -1.2% at 85.6$/bbl
  • WTI MAR 23 down -1.6% at 78.87$/bbl

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