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Crude Prices Rise on fallout from Attack on Israel

OIL

Crude continues to trade higher on the day amid continued tight supply and concerns surrounding the geopolitical situation in the Middle East following Hamas’ surprise attack on Israel.

  • Crude time spreads are also widening on the day given the supply concerns on the prompt and the risk to future supplies due to Middle East tensions, despite no immediate impact on crude flows expected.
  • The gains reverse the sharp sell-off in Brent Dec futures last week due to demand concerns.
  • WTI NOV 23 up 4% at 86.09$/bbl
  • WTI-Brent down -0.26$/bbl at -3.51$/bbl
  • WTI NOV 23-DEC 23 up 0.2$/bbl at 1.71$/bbl
  • WTI DEC 23-JAN 24 up 0.1$/bbl at 1.55$/bbl
  • WTI DEC 23-DEC 24 up 1.15$/bbl at 9.37$/bbl

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