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Crude Returns to Flat on the Day with No Clear Direction

OIL

Crude market has returned to flat on the day with near term demand concerns balanced against upside risks from Russian supply and a Chinese demand recovery this year.

  • The high uncertainty in both demand and supply is keeping oil bouncing within a range with no clear direction.
  • Technical resistance on the Brent Mar23 contract is at the 20 day EMA of 81.74$/bbl with support at the 5 Jan low of 77.61$/bbl
    • Brent MAR 23 up 0% at 79.68$/bbl
    • WTI FEB 23 up 0.2% at 74.77$/bbl
    • Gasoil JAN 23 up 0.4% at 884.25$/mt
    • WTI-Brent down -0.07$/bbl at -4.65$/bbl
    • Brent MAR 23-APR 23 down -0.05$/bbl at -0.29$/bbl
    • Brent JUN 23-DEC 23 up 0.06$/bbl at 1.64$/bbl

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