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Crude Reverses Direction Supported by Weaker US Dollar

OIL

Crude trading up through the highs from Friday in a reversal of the move lower earlier today supported by a weaker US dollar. The Dec23-Dec24 spread is following the move and back positive on the day while the near term spreads are back up to previous close levels.

  • Next technical resistance for Brent is at 20 Apr high of 82.92$/bbl and WTI at 79.07$/bbl.
    • Brent JUN 23 up 0.8% at 82.29$/bbl
    • WTI JUN 23 up 0.8% at 78.52$/bbl
    • WTI-Brent up 0.08$/bbl at -3.77$/bbl
    • Brent JUN 23-JUL 23 down -0.01$/bbl at 0.19$/bbl
    • Brent JUN 23-DEC 23 unchanged at 2.32$/bbl
    • Brent DEC 23-DEC 24 up 0.16$/bbl at 4.15$/bbl

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