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Oil Markets Continue Yesterday's Strength

OIL

Oil markets are extending yesterdays gains on an easing outlook on the impact of global recessions. Soaring US crude export figures this week supported the idea of higher demand with refiners eager to try and supply a diesel shortage in most major markets though gasoline appears more lacklustre.

  • A lack of optimism on Chinese recovery is weighing on the crude upside.
  • The US is working to release its plans on a Russian oil price cap. Its impact on the market may be limited if it fails to drum up enough support from buyers of Russian oil.
  • Brent DEC 22 up 1.3% at 96.9$/bbl
  • WTI DEC 22 up 1.5% at 89.23$/bbl

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