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Crude Ticks Higher As Crude Time Spreads Hold Steady

OIL

Crude markets continue to tick higher today but still below the peak from yesterday.

  • Next technical resistance for Brent is up at the 14 June high of 75.49$/bbl with support down at 71.50$/bbl as the bear threat remains present. WTI resistance is at 79.85$/bbl and support at 66.8$/bbl.
  • Crude time spreads remain largely unchanged on the day with futures markets seeing weak demand concerns in US and China offsetting OPEC production cuts and with strong recent demand in India.
    • Brent AUG 23 up 0.8% at 73.82$/bbl
    • WTI JUL 23 up 0.8% at 68.83$/bbl
    • WTI-Brent down -0.1$/bbl at -4.82$/bbl
    • Brent AUG 23-SEP 23 unchanged at 0.03$/bbl
    • Brent DEC 23-DEC 24 down -0.03$/bbl at 2.65$/bbl

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