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Crude Rebounding but Spreads Holding onto Losses

OIL

Oil markets are rebounding with Brent and WTI back up from support levels. Weaker than expected Chinese data and hope for an Iranian nuclear deal pushed prices lower earlier in the day with Iran expected to inform EU of its response to the proposed text tonight.

  • Brent up from a low of 92.81$/bbl and WTI up from 86.9$/bbl
  • Crude spreads however are maintaining the lower levels and only the longer dated spreads are showing signs of following the flat price.
  • Brent OCT 22 down -3.7% at 94.49$/bbl
  • WTI SEP 22 down -3.9% at 88.51$/bbl
  • Brent OCT 22-NOV 22 down -0.34$/bbl at 0.91$/bbl
  • Brent DEC 22-DEC 23 down -0.85$/bbl at 7.09$/bbl
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Oil markets are rebounding with Brent and WTI back up from support levels. Weaker than expected Chinese data and hope for an Iranian nuclear deal pushed prices lower earlier in the day with Iran expected to inform EU of its response to the proposed text tonight.

  • Brent up from a low of 92.81$/bbl and WTI up from 86.9$/bbl
  • Crude spreads however are maintaining the lower levels and only the longer dated spreads are showing signs of following the flat price.
  • Brent OCT 22 down -3.7% at 94.49$/bbl
  • WTI SEP 22 down -3.9% at 88.51$/bbl
  • Brent OCT 22-NOV 22 down -0.34$/bbl at 0.91$/bbl
  • Brent DEC 22-DEC 23 down -0.85$/bbl at 7.09$/bbl