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Crude Regains Ground Following a Weaker US Dollar

OIL

Crude regains ground back to flat on the day due to a weaker US dollar as Brent continues to bounce between about 91 and 94$/bbl.

  • Prices are volatile as near-term tight supplies are weighed against concern for oil demand from central back tightening, the impact of high prices and weak China demand.
  • Time spreads have also ticked up from earlier lows but remain down on the day.
    • Brent DEC 22 down 0% at 93.23$/bbl
    • WTI DEC 22 up 0.3% at 84.83$/bbl
    • WTI-Brent up 0.17$/bbl at -8.41$/bbl
    • Brent DEC 22-JAN 23 down -0.19$/bbl at 1.86$/bbl
    • Brent JAN 23-FEB 23 down -0.06$/bbl at 1.72$/bbl
    • Brent DEC 22-DEC 23 down -0.24$/bbl at 12.18$/bbl
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