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Crude Regains Ground With China Concerns but Tight Supplies

OIL

Crude futures and spreads are regaining some ground after seeing a Brent front month dip down to 85.7$/bbl this morning amid concern for demand in China. Tight global supplies due to OPEC+ production cuts remain supportive.

  • Bullish conditions in Brent futures remain intact and with the latest pullback considered corrective. First Brent support is at 82.36$/bbl with resistance at 88.10$/bbl before the psychological round number of 90$/bbl.
    • Brent OCT 23 down -0.3% at 86.53$/bbl
    • WTI SEP 23 down -0.3% at 82.92$/bbl
    • Gasoil SEP 23 down -1.2% at 905.75$/mt
    • WTI-Brent down -0.07$/bbl at -4.24$/bbl
    • Brent OCT 23-NOV 23 down -0.01$/bbl at 0.66$/bbl
    • Brent DEC 23-DEC 24 down -0.13$/bbl at 5.05$/bbl
    • WTI SEP 23-OCT 23 unchanged at 0.62$/bbl
    • WTI DEC 23-DEC 24 down -0.11$/bbl at 5.57$/bbl

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