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Crude Ticks Back Up from Earlier Losses

OIL

Crude recovers ticks back up from earlier losses on thin trading volumes as China demand optimism for next year and Russian supply concerns are balanced against the short term rise in Chinese covid cases and global recession fears.

  • Next resistance on WTI is at the 50 day EMA at 79.64$/bbl with Brent up at 85.11$/bbl.
    • Brent FEB 23 down -0.2% at 84.12$/bbl
    • WTI FEB 23 down -0.1% at 79.43$/bbl
    • WTI-Brent up 0.12$/bbl at -4.71$/bbl
    • Brent FEB 23-MAR 23 down -0.17$/bbl at -0.52$/bbl
    • Brent JUN 23-DEC 23 down -0.14$/bbl at 2.55$/bbl

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