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Correction Appears To Be A Bear Flag

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Crude Weighing Tight Supply Against Demand Concerns


Crude falls back below the previous close level after briefly moving higher on the day.

  • The concerns over future demand growth and central bank tightening are combining with a stronger US dollar to limit the rally on tighter supplies from the OPEC+ cut last week.
  • Crude time spreads are maintaining the lower levels after drifting off this morning.
    • Brent DEC 22 down -0.4% at 97.57$/bbl
    • WTI NOV 22 down -0.2% at 92.43$/bbl
    • WTI-Brent up 0.08$/bbl at -6.39$/bbl
    • Brent DEC 22-JAN 23 down -0.17$/bbl at 1.86$/bbl
    • Brent JAN 23-FEB 23 down -0.1$/bbl at 1.87$/bbl
    • Brent DEC 22-DEC 23 down -0.5$/bbl at 13.03$/bbl

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