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OPEC JMMC Supports 100kbpd Cut for October


Crude prices are largely unmoved following the OPEC JMMC recommendation to support a 100kbpd cut for October production targets, reversing the 100kbpd increase in September.

  • Brent first technical resistance at 50 -day EMA of 98.11$/bbl and WTI at 93.48$/bbl.
    • Brent NOV 22 up 3.8% at 96.58$/bbl
    • WTI OCT 22 up 3.5% at 89.91$/bbl
    • Brent NOV 22-DEC 22 up 0.24$/bbl at 1.45$/bbl
    • Brent DEC 22-DEC 23 up 2.1$/bbl at 11.19$/bbl

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