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WTI-Brent Spread Widens on Persistent US Supply Concerns

COMMODITIES
Outages and supply interruptions across the southern US states remain a focus headed into the Tuesday session after yesterday's rolling blackouts in Texas and the closure of some of the largest regional refineries in the state (most notably Motiva's Port Arthur and Citgo's Corpus Christi facilities).
As a result, oil is mixed, with WTI on the front foot while Brent declines. This has widened the WTI-Brent spread to its highest level since early January.
Sell-side analysts remain bullish oil. Both JPM & Goldman Sachs call for a new "commodities super cycle", expecting oil prices to soar once the pandemic abates. The most bullish forecasts have crude prices headed to $100/bbl.

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