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Crude Pulls Back With Stronger US Dollar

OIL

Crude market erases earlier gains driven by a strong US dollar with market uncertainty over both supply and demand.

  • Brent is back trading negative on the day while WTI is falling faster with concern for US growth. The WTI-Brent spread is down to around -6.4$/bbl from about 5.9$/bbl on Friday last week.
  • The curve backwardation has softened with the prompt spread back near to flat on the day while longer term spreads also trading below previous close levels.
    • Brent APR 23 down -0.3% at 79.7$/bbl
    • WTI MAR 23 down -0.7% at 72.88$/bbl
    • WTI-Brent down -0.26$/bbl at -6.45$/bbl
    • Brent APR 23-MAY 23 up 0.03$/bbl at 0.26$/bbl
    • Brent JUN 23-DEC 23 down -0.09$/bbl at 2.21$/bbl
    • Brent DEC 23-DEC 24 down -0.13$/bbl at 3.56$/bbl

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