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Crude Rebounds to Test Recent High

OIL

Crude rebounds back to the test the range highs and technical resistance in volatile trading today with support from a weaker US dollar with tighter supply concern offsetting global demand growth uncertainty.

  • Expectation of tighter supplies following Saudi production and Russian export cuts earlier this week have provided some support from just over 75$/bbl at the start of this week.
  • Crude times spreads have also rebounded back to levels seen earlier in the day.
    • Brent SEP 23 up 1.1% at 77.37$/bbl
    • WTI AUG 23 up 1.2% at 72.66$/bbl
    • Brent SEP 23-OCT 23 up 0.02$/bbl at 0.32$/bbl
    • Brent DEC 23-DEC 24 up 0.06$/bbl at 3.3$/bbl
    • WTI AUG 23-SEP 23 up 0.01$/bbl at 0.02$/bbl
    • WTI DEC 23-DEC 24 up 0.11$/bbl at 3.54$/bbl

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