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Crude Trends Downward in Volatile Session

OIL

Crude is now trading down on the day during US hours, in what has been a volatile session so far. A stronger US dollar and concerns on the demand outlook are weighing against remarks from Russian officials that OPEC+ was prepared to deepen cuts in Q1.

  • The Bloomberg dollar spot index is currently up 0.24% on the day to 1242.96.
  • Russia’s Deputy PM said that OPEC+ was ready for further cuts in Q1, in line with the Saudi Energy Minister’s comments yesterday.
  • The Gulf Cooperation Council earlier said is supporting the decisions of the “OPEC+” group aimed at achieving balance in oil markets, promoting prosperity for people and supporting global economic growth.
  • WTI JAN 24 down -0.5% at 72.67$/bbl
  • WTI JAN 24-FEB 24 up 0.07$/bbl at -0.21$/bbl

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