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Crude Rebounds on USD Dip

OIL

Crude markets are rebounding amid a slight decline in USD spot index gains with front month Brent rising to a new intra-day high of $85.97/bbl, which is still within yesterday’s range. Mideast tensions and attacks on Russian oil refineries are posing supply risks, adding upside.

    • Brent MAY 24 up 0.2% at 85.96$/bbl
    • WTI MAY 24 up 0.2% at 81.27$/bbl
  • Ukraine's Euro-Atlantic integration minister said on Friday that Russian oil refineries were legitimate targets for Ukraine's forces.
  • Indian refiners are now refusing Russian oil on Sovcomflot tankers, meaning India will need to seek some crude in other regions.

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