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Crude Resumes Decline Below Yesterday's Low

OIL

Crude falls back below the lows from yesterday driven by a stronger US dollar as recession fears still weigh on the market. Robust Russian output despite production cuts and no reaction to the lower prices from OPEC or US to refill SPR are all limiting upside pressures.

  • The Jun23-Dec23 and Dec23-Dec24 spreads are following the move but are still well above the recent lows from the start of the week.
  • Next technical support for Brent is at the 21 Mar low of 72.82$/bbl and the bear trigger at the 20 Mar low of 70.12$/bbl.
    • Brent MAY 23 down -1.7% at 74.65$/bbl
    • WTI MAY 23 down -1.8% at 68.7$/bbl
    • Brent MAY 23-JUN 23 unchanged at 0.41$/bbl
    • Brent JUN 23-DEC 23 down -0.24$/bbl at 1.24$/bbl
    • Brent DEC 23-DEC 24 down -0.37$/bbl at 2.29$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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