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Crude Regains Ground Amid Cut in Saudi OSPs to Asia

OIL

Front month crude is back positive on the day amid volatile trading as the market assess the impact of pledged OPEC production cuts and after a cut to Saudi OSPs to Asia.

  • Saudi Arabia cuts all January crude prices to Asia including a cut of Arab Light by 0.5$/bbl but by less than expected.
  • Lack of clarity surrounding OPEC+ cuts have failed to support markets amid uncertainty over future member compliance and with building spare capacity.
  • The Gulf Cooperation Council earlier said is supporting the decisions of the “OPEC+” group aimed at achieving balance in oil markets, promoting prosperity for people and supporting global economic growth.
    • Brent FEB 24 up 0.6% at 78.53$/bbl
    • WTI JAN 24 up 0.6% at 73.47$/bbl
    • WTI-Brent down -0.13$/bbl at -4.78$/bbl
    • Brent FEB 24-MAR 24 down -0.01$/bbl at -0.05$/bbl
    • Brent JUN 24-DEC 24 up 0.04$/bbl at 1.34$/bbl
    • WTI JAN 24-FEB 24 unchanged at -0.28$/bbl
    • WTI JUN 24-DEC 24 up 0.08$/bbl at 1.53$/bbl

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