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Crude Time Spreads Extend Gains as OPEC cut Production

OIL

Crude time spreads extend gains as OPEC+ have today agreed to a 100kbpd production cut in October.

  • The announcement follows on from comments by Saudi Arabia in August that cuts may be required to reconnect the physical and paper markets.
    • Brent NOV 22 up 4% at 96.71$/bbl
    • WTI OCT 22 up 3.8% at 90.16$/bbl
    • WTI-Brent down -0.32$/bbl at -6.94$/bbl
    • Brent NOV 22-DEC 22 up 0.18$/bbl at 1.39$/bbl
    • Brent DEC 22-DEC 23 up 2.19$/bbl at 11.28$/bbl

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