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OIL: WTI Below Support Level in Lowest Since Jan

OIL

WTI has passed below its support level of $70.43/b, as the market faces further downward pressure from expectations of OPEC+ cut unwinding, coupled with optimism that the Libya production stoppage may be short lived.

  • This puts WTI at its lowest levels since Jan. 3
  • The Libyan central banker in the middle of the current power struggle says there are “strong” indications political factions are nearing an agreement to overcome the current deadlock according to Bloomberg reports.
  • WTI OCT 24 down 4.5% at 70.27$/bbl
  • WTI-Brent up 0.09$/bbl at -4.17$/bbl
  • WTI OCT 24-NOV 24 down 0.15$/bbl at 0.75$/bbl
  • WTI NOV 24-DEC 24 down 0.21$/bbl at 0.55$/bbl
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