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Crude Resumes Decline on Economic Concern

OIL

Crude futures and spreads have resumed the decline through the lows from yesterday with economic concerns and a stronger US dollar weighing on markets despite the tighter supplies and potential for extended Saudi production cuts.

  • Technical support for Brent is at the 20 day EMA of 81.26 with WTI support at 77.32$/bbl.
    • Brent OCT 23 down -0.8% at 82.52$/bbl
    • WTI SEP 23 down -0.8% at 78.83$/bbl
    • WTI-Brent up 0.05$/bbl at -4.06$/bbl
    • Brent OCT 23-NOV 23 down -0.02$/bbl at 0.37$/bbl
    • Brent DEC 23-DEC 24 down -0.24$/bbl at 4.34$/bbl
    • WTI SEP 23-OCT 23 unchanged at 0.36$/bbl
    • WTI DEC 23-DEC 24 down -0.21$/bbl at 4.83$/bbl

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