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Crude Range Bound Ahead of Weekend OPEC+ Meeting

OIL

Crude trading within a tight 86.2$/bbl to 87.4$/bbl range so far today ahead of the OPEC+ meeting over the weekend.

  • The market expectation is for the OPEC+ group to maintain existing production targets after speculation earlier this week that weaker demand may increase the chance of further output cuts.
  • EU members continue to consider an oil price cap on Russian crude of 60$/bbl with Poland still yet to agree. The G7 are wating on an agreement from the EU.
    • Brent FEB 23 up 0% at 86.9$/bbl
    • WTI JAN 23 up 0.1% at 81.3$/bbl
    • WTI-Brent up 0.08$/bbl at -5.68$/bbl
    • Brent FEB 23-MAR 23 up 0.1$/bbl at 0.17$/bbl
    • Brent JUN 23-DEC 23 up 0.04$/bbl at 2.62$/bbl

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