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Oil Recovers Back to Near Parity Wednesday

OIL

Oil recovers from an earlier dip to near parity again Wednesday. Oil has faced downward pressure as sentiment over the pace of central bank rate cuts fade.

  • From the upside, oil remains supported by Middle East escalations this week within the Red Sea ranging from US attacks on Houthi ships to an Iranian warship entering the area.
  • Although not initially reacting, oil faces supply support from the potential for Libya’s largest oil field, the 300kbd Sharara field, potentially closing because of protests.
  • Brent MAR 24 down -0.1% at 75.85$/bbl
  • WTI FEB 24 down -0.2% at 70.21$/bbl

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