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Oil survives the test of $70, so far

Oil survives the test of $70, so far

The one-year oil curve fell into contango today as front-month prices continued to crumble. I think the focus on the curve structure is overdone, especially with uncertainty about China's reopening timeline, but that likely kicked off a final press towards $70.

Bidders just above $70 finally stepped in, some perhaps on hopes for an OPEC leak or Russian action on the weekend. The low was $70.06 and it has quickly rallied to $71.50.

$70 is also more than just a big round number. US... Read More

Posted: Dec 9 2022, 19:46
Author Name: forexlive
Views: 102336

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