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Oil Markets Stage Recovery

OIL

Oil markets have found strength this afternoon, making some recovery from last week’s plunge as well as weakness in the early session. It marks a comeback from Friday’s test of $70/bbl for WTI.

  • A return for the Keystone Pipeline remains unclear stoking fears that it may be out for longer than anticipated causing a lack of supply to US crude markets with a knock-on effect for US Gulf refiners.
  • An easing of Chinese lockdown restrictions has also prompted higher demand expectations in Asia. Domestic flight activity looks as well as domestic transport use looks set to bounce, though travel abroad remains muted.
  • Oil markets are poised for news on interest rate hikes from a trio of central banks this week.
  • Brent FEB 23 up 2.5% at 77.97$/bbl
  • WTI JAN 23 up 3.3% at 73.33$/bbl

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