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Crude Pushes Higher on Higher Demand Forecast

OIL

The crude rally continues with Brent up about 2% on the day earlier this afternoon and over 10% in the last week from below 80$/bbl on 11 Jan.

  • Brent has traded through the 87$/bbl resistance level with the next technical level at the 1 Dec high of 89.18$/bbl.
  • A potential for recovery in oil demand this year is supporting prices. IEA earlier today raised its global oil demand forecast by 1.9mbpd in 2023 to a record 101.7mbpd. Half the gain was attributed to China following the lift of its Covid restrictions according to the Monthly IEA Oil Market Report.
    • Brent MAR 23 up 1.6% at 87.28$/bbl
    • WTI FEB 23 up 2.1% at 81.84$/bbl
    • WTI-Brent up 0.19$/bbl at -5.17$/bbl
    • Brent MAR 23-APR 23 down -0.06$/bbl at -0.23$/bbl
    • Brent JUN 23-DEC 23 up 0.28$/bbl at 3.29$/bbl

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