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Crude Regains Further Ground on Ceasefire Pessimism

OIL

Front month Brent crude further recovered from an intra-day low of $88.78/bbl amid a lack of progress in ceasefire talks and market comments suggesting tightness in the crude markets in the second half of this year.

    • Brent JUN 24 down 0.2% at 90.99$/bbl
    • WTI MAY 24 up 0.1% at 86.97$/bbl
  • Crude prices halted its recent rally on Monday after Israel said on Sunday it had withdrawn more soldiers from southern Gaza and fresh ceasefire talks are underway.
  • “[The] Second half of the year we are on track to have an extremely tight global oil market,” Citadel’s head of commodities Sebastian Barrack said at the FT Commodities Global Summit. He added that if OPEC does not bring back supply to the market, prices will have to rise to a level that constrains demand.

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