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Oil Gain Struggling for Momentum

OIL

Oil prices are holding on to narrow gains in the morning session, reversing some of last weeks losses, though struggling to find any momentum.

  • Chinese demand optimism remains strong, though there are indications that diesel demand is lagging that of gasoline.
  • Russia’s 500,000 bpd production cut is set for next month, denting global supplies. Russian crude exports remain strong but higher volumes on the water show longer journey times and vessels leaving without a buyer.
  • Brent APR 23 up 0.6% at 83.48$/bbl
  • WTI MAR 23 up 0.5% at 76.75$/bbl

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