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Crude Recovery Extends Towards 3 May Highs

OIL

The crude recovery continues as front month prices approach the highs seen on 3 May.

  • Brent has recovered from a low of 71.55$/bbl yesterday but is still down about 4$/bbl on the week as the market assess economic driven demand concerns against the potential for tighter supplies with the start of OPEC cuts this month and potential higher demand from China.
  • Next technical resistance for Brent is at the 3 May high of 75.58$/bbl and for WTI at 71.79$/bbl.
    • Brent JUL 23 up 4% at 75.43$/bbl
    • WTI JUN 23 up 4.3% at 71.53$/bbl
    • Brent JUL 23-AUG 23 up 0.08$/bbl at 0.26$/bbl
    • Brent AUG 23-SEP 23 up 0.08$/bbl at 0.37$/bbl
    • Brent DEC 23-DEC 24 up 0.67$/bbl at 3.04$/bbl

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