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Crude Prices Reverting on Saudi/US Headlines

OIL

Crude prices have strengthened on the back of US/Saudi headlines – reversing some of today’s losses. There are reports that Biden is ‘re-evaluating relations’ with Saudi after OPEC+ cuts were announced last week.

  • Biden had travelled to the Middle East earlier in the year in the hopes of securing commitments for production increases which failed to materialise.
  • Brent DEC 22 down -1.2% at 95.05$/bbl
  • WTI NOV 22 down -1.4% at 89.85$/bbl

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