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Crude Rallies on Potential China Support Headlines

OIL

Crude reverses earlier softness after China headlines from the Politburo flag increased action on the property market in particular and signals continued action on ensuring domestic demand.

  • Growing optimism for Chinese economic stimulus is supporting crude after lacklustre GDP figures last week.
  • The potential for support to Chinese demand adds to the upside pressure due to a reduction in supplies from key exporting nations like Saudi and Russia and despite concerns for the US economy.
  • Crude time spreads are following the flat price move higher with WTI prompt trading up to the highest seen on Friday.
    • Brent SEP 23 up 0.5% at 81.46$/bbl
    • WTI SEP 23 up 0.5% at 77.47$/bbl
    • WTI-Brent down -0.11$/bbl at -3.99$/bbl
    • Brent SEP 23-OCT 23 up 0.04$/bbl at 0.23$/bbl
    • Brent DEC 23-DEC 24 up 0.14$/bbl at 4.02$/bbl
    • WTI SEP 23-OCT 23 up 0.04$/bbl at 0.33$/bbl
    • WTI DEC 23-DEC 24 up 0.12$/bbl at 4.49$/bbl

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