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Oil Prices Rebounding

OIL

Oil markets have rebounded today, reversing some of last week’s recession led sell off and fears around how long China’s lockdowns will persist.

  • Concerns remain over tightness of supply, with markets unsure of Biden’s ability to garner support for higher output in the Middle East after his trip last week. Gulf officials instead said output increases would be left to OPEC+ interests rather than those of the US.
  • Brent SEP 22 up 4% at 105.2$/bbl
  • WTI AUG 22 up 3.8% at 101.29$/bbl
  • WTI-Brent down -0.35$/bbl at -6.79$/bbl

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