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Crude Recovers Back to Start of Week Levels

OIL

Crude trading back near to levels from the start of the week with support from a tighter market view in the latest monthly OPEC report, a weaker US dollar and a potential broad package of stimulus measures under consideration in China after recent weaker data.

  • The May US CPI numbers showed roughly in line with expectation with a potential pause in the US Fed interest rate hikes still expected at the FOMC meeting tomorrow.
  • Technical resistance for Aug Brent is up at the 20 day EMA of 75.59$/bbl while WTI resistance is at 71.30$/bbl.
    • Brent AUG 23 up 3.6% at 74.43$/bbl
    • WTI JUL 23 up 3.7% at 69.6$/bbl
    • WTI-Brent down -0.07$/bbl at -4.69$/bbl
    • Brent AUG 23-SEP 23 up 0.07$/bbl at 0.09$/bbl
    • Brent DEC 23-DEC 24 up 0.41$/bbl at 2.89$/bbl

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