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Oil Market Weakness Sustained

OIL

Crude markets have faced further weakness ahead of the EIA’s Short Term Energy report out later today and US CPI tomorrow while a stronger dollar has also weighed on markets.

  • Buoyant Russian, Saudi and US volumes in March/April have pressured crude while the weaker than expected Chinese recovery is also bearing on markets.
  • Oil fell after a two-day surge as Chinese trade data highlighted concerns about the nation’s economic recovery and energy demand.
  • Next technical support for Brent is at the 4 May low of 71.28$/bbl and WTI at 68.48$/bbl.
  • Brent JUL 23 down -2% at 75.47$/bbl
  • WTI JUN 23 down -1.9% at 71.77$/bbl
  • Gasoil MAY 23 down -1.9% at 677.25$/mt
  • WTI-Brent up 0.14$/bbl at -3.77$/bbl

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