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Crude Resumes Weekly Rally on Improving Demand Optimism

OIL

Crude resumes weekly rally higher on stronger demand sentiment with a pick up in China crude purchases and higher import quotas providing support. A weaker US dollar and easing inflation sentiment are adding to the upside support.

  • Crude time spreads are following the future higher with the prompt spreads again closing in towards parity up to -0.09$/bbl.
    • Brent MAR 23 up 0.9% at 84.79$/bbl
    • WTI FEB 23 up 1% at 79.14$/bbl
    • WTI-Brent down -0.05$/bbl at -5.4$/bbl
    • Brent MAR 23-APR 23 up 0.07$/bbl at -0.09$/bbl
    • Brent JUN 23-DEC 23 up 0.26$/bbl at 2.71$/bbl
    • Brent DEC 23-DEC 24 up 0.19$/bbl at 4.44$/bbl

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