Crude Recovers From Earlier Losses

Crude rallies back positive on the day ahead of the JMMC and US Fed meetings tomorrow.

• The market is balancing economic growth concerns against the optimism for Chinese oil demand and uncertainty over Russia output after new sanctions on 5 Feb.
• Time spreads have also recovered the earlier losses and are now back close to flat on the day. The Brent March 23 contract, which expires today, is still trading down about -0.3$/bbl on the day
  • Brent APR 23 up 0.9% at 85.27$/bbl
  • WTI MAR 23 up 0.9% at 78.63$/bbl
  • Brent APR 23-MAY 23 down -0.04$/bbl at 0.32$/bbl
  • Brent MAY 23-JUN 23 down -0.02$/bbl at 0.44$/bbl
  • Brent JUN 23-DEC 23 down -0.07$/bbl at 3.01$/bbl
  • Brent DEC 23-DEC 24 up 0.02$/bbl at 4.71$/bbl