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OIL: Crude Erases Earlier Spike

OIL

Crude markets have moved into marginal losses, erasing the jump driven by OPEC’s decision to extend delay its cut unwinding.

  • Brent NOV 24 down 0.1% at 72.65$/bbl
  • WTI OCT 24 down 0.2% at 69.08$/bbl
  • The short two-month nature of the delay appears to be producing little confidence in the OPEC+ alliance having the ability to control global balances at present against a weak demand backdrop and solid non-OPEC supply.
  • There was a view that the market was likely to react bearishly to either a delay or continuation of the cut unwinding. 

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