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Saudi/Russia Headlines Prompt Crude Market Recovery

OIL

Crude markets shrug off earlier weakness. Oil fell to its lowest point earlier today after the ECB 50 basis point announcement.

  • Afternoon headlines of Saudi and Russia agreeing to enhance market stability have brought more upward momentum.
  • OPEC+ delegates told Reuters the producer group considers this week's slide in oil prices to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise.
  • Brent MAY 23 up 1.2% at 74.6$/bbl
  • WTI APR 23 up 1.2% at 68.42$/bbl

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