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Crude Steady as Market Considers US Economy and OPEC Reaction

OIL

Crude and time spreads remain steady as the market waits for further news regarding the US debt ceiling negotiations and considers any possible further reaction from OPEC+ at the upcoming meeting on 3-4 June.

  • Near term supply disruption from Iraq and Canada are supportive while Russian seaborne output remains strong having increased for six consecutive weeks according to Bloomberg ship tracking data.
  • Brent is holding within the middle of the recent range with technical support at 15 May low of 73.49$/bbl and resistance at 10 May high of 77.60$/bbl.
  • Brent JUL 23 up 0.1% at 75.67$/bbl
  • WTI JUL 23 up 0.1% at 71.77$/bbl
  • WTI-Brent unchanged at -3.89$/bbl
  • Brent JUL 23-AUG 23 unchanged at 0.11$/bbl
  • Brent DEC 23-DEC 24 down -0.09$/bbl at 2.84$/bbl

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