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WTI Continues Trading Lower

OIL

Crude futures have extended losses on the day, with WTI reaching an intraday low of $81.91/b, the lowest level since Aug.31.

  • The market weighs the risks to Iranian supplies from the Israel conflict. Weak fuel demand is also weighing on oil market ahead of the latest US Fed and BOE central bank meetings later this week.
  • Prices, while still trading lower, have seen a modest rise since headlines hit wires reporting comments from Israeli PM Benjamin Netanyahu that Israel will not agree to any ceasefire with Hamas.
  • Technical suggest the trend condition remains bullish and recent short-term weakness is considered corrective key WTI Dec23 support is at 80.20$/bbl.
  • WTI DEC 23 down -3.4% at 82.61$/bbl
  • WTI-Brent down -0.44$/bbl at -5.4$/bbl
  • WTI DEC 23-JAN 24 down -0.18$/bbl at 0.66$/bbl
  • WTI JAN 24-FEB 24 down -0.15$/bbl at 0.71$/bbl
  • WTI DEC 23-DEC 24 down -1.1$/bbl at 6.26$/bbl

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