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Crude Pulls Back as US Dollar Rallies

OIL

Crude pulling back from earlier gains as a rally in the US dollar puts downwards pressure on crude prices.

  • Price swings are driven by uncertainty over the impact on demand of a global slowdown and Chinese covid restrictions as well as concern for Russian supply following the start of the EU ban and G7 price cap.
  • Crude time spreads are following the move and now trading back towards previous close levels.
    • Brent FEB 23 up 0.6% at 86.05$/bbl
    • WTI JAN 23 up 0.4% at 80.33$/bbl
    • WTI-Brent down -0.02$/bbl at -5.63$/bbl
    • Brent FEB 23-MAR 23 up 0.11$/bbl at 0.13$/bbl
    • Brent JUN 23-DEC 23 up 0.05$/bbl at 2.16$/bbl
    • Brent DEC 23-DEC 24 up 0.11$/bbl at 3.98$/bbl

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