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Tight Supply Supports Crude Amid Economic Demand Concerns

OIL

Crude Edges Higher with prices taking a break from the economic slowdown driven decline.

  • Supply side support comes from Russian supply uncertainty, the OPEC+ cuts and wider OPEC member underproduction. US production forecasts suggest little help in easing tight supplies however the US are releasing the final 15mbbls of the planned withdrawal from the SPR in December.
    • Brent DEC 22 up 0.9% at 90.8$/bbl
    • WTI NOV 22 up 1.4% at 83.94$/bbl
    • Gasoil NOV 22 down -1.4% at 1090$/mt
    • WTI-Brent up 0.03$/bbl at -7.76$/bbl
    • Brent DEC 22-JAN 23 up 0.05$/bbl at 1.48$/bbl
    • Brent DEC 22-DEC 23 up 0.49$/bbl at 10.56$/bbl

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