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Crude Rebounds on Dollar Drop

OIL

Crude rose to new intraday highs amid a sharp reversal in the dollar strength on the day post the ISM services PMI data release.

  • The dollar sell-off gathered pace after ISM services PMI came in below expectations and the lowest since May.
  • US DEC. ISM services PMI AT 50.6 VS. 52.7 previous month and estimated 52.5.
  • Futures had rebound earlier after an initial dip following US NFP data. Crude is finding support from Red Sea shipping disruption and with the halt to some crude production in Libya this week.
  • Brent MAR 24 up 1.8% at 78.97$/bbl
  • WTI FEB 24 up 2.4% at 73.94$/bbl

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