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Oil Recovers from Earlier Weakness

OIL

Oil prices have returned to flat levels again after rebounding from a short-lived selloff earlier in the session. Market activity has been thinned out by public holidays throughout Europe today.

  • Oil markets are steadying after last week’s surprise OPEC+ cut announcement caused markets to surge. Oil has held much of the gains from the news, helped further by about 450,000 bpd of Kurdish oil having difficulties making it to market. Oil has risen for three straight weeks.
  • In global financial markets, a US inflation report to be released on Wednesday could help investors gauge the near-term trajectory for interest rates.
  • Also coming up are monthly reports from OPEC on Thursday and the International Energy Agency on Friday, which will update oil demand and supply forecasts.
  • Brent JUN 23 down -0.1% at 85$/bbl
  • WTI MAY 23 unchanged at 80.7$/bbl
  • Gasoil APR 23 up 0.2% at 782$/mt
  • WTI-Brent up 0.33$/bbl at -4.35$/bbl

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