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Crude Regains Ground from Earlier Losses

OIL

Crude regains ground due to supply concerns as OPEC Secretary General Haitham Al Ghais again defends the OPEC+ production cut for November and December.

  • OPEC sees an oil surplus in Q4 2022 and early 2023 as the main reason for the cut in targets.
  • OPEC also raised their medium to long term demand forecasts due to more robust 2022 and 2023 and a slower substitution of oil by other fuels.
    • Brent JAN 23 down -0.5% at 93.31$/bbl
    • WTI DEC 22 down -0.7% at 87.26$/bbl
    • Gasoil NOV 22 down -1.9% at 1111.75$/mt
    • WTI-Brent up 0.1$/bbl at -7.8$/bbl
    • Brent JAN 23-FEB 23 down -0.07$/bbl at 1.84$/bbl
    • Brent FEB 23-MAR 23 down -0.04$/bbl at 1.58$/bbl

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