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Crude Pulls Back as EU to Resumes Price Cap Talks Later

OIL

Crude pulls back to flat on the day with uncertainty surrounding the price cap on Russian seaborne crude.

  • EU ministers are expected to meet later today in an attempt to finalise details on the price cap plan with the G7 waiting on the outcome.
  • The prompt Brent spread is still trading negative with stronger than expected short term supply and concerns for global oil demand growth weighing on the market.
    • Brent JAN 23 down -0.1% at 85.25$/bbl
    • WTI JAN 23 up 0.2% at 78.06$/bbl
    • WTI-Brent down -0.12$/bbl at -7.21$/bbl
    • Brent JAN 23-FEB 23 down -0.13$/bbl at -0.03$/bbl
    • Brent JUN 23-DEC 23 down -0.06$/bbl at 2.74$/bbl

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