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WTI Holding Near Rangebound

OIL

WTI has rebounded to near rangebound during US trading, regaining almost all earlier losses.

  • WTI MAR 24 down -0.1% at 76.79$/bbl
  • WTI-Brent up 0.24$/bbl at -5.18$/bbl
  • WTI MAR 24-APR 24 up 0.03$/bbl at 0.1$/bbl
  • WTI APR 24-MAY 24 up 0.01$/bbl at 0.17$/bbl
  • While comments from comments that Saudi Aramco is not necessarily abandoning capacity expansion plans had provided some downside, the continued geopolitical tensions in the Middle East remain a support for prices.
  • With the ongoing Israeli military operation taking place in Gaza and diminishing hopes for a near-term ceasefire, disruption to shipping in the Red Sea, and a continued threat of wider regional conflict remain.

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