Crude Extends Gains on Supply Uncertainty and US Dollar Move

Brent extends gains as the markets weighs economic risks against global supply issues alongside a weaker dollar today.

• OPEC members are still underproducing relative to targets and high uncertainty exists regarding Russian supplies. The introduction of the EU ban on seaborne Russian crude may impact on Russia’s ability to find buyers and Russia have already stated that they will not supply oil to nations supporting the price cap plan.
  • Brent NOV 22 up 2.1% at 94.83$/bbl
  • WTI OCT 22 up 2.2% at 88.7$/bbl
  • Gasoil OCT 22 up 2.3% at 1083.75$/mt
  • WTI-Brent down -0.11$/bbl at -6.58$/bbl
  • Brent NOV 22-DEC 22 up 0.14$/bbl at 1.27$/bbl
  • Brent DEC 22-DEC 23 up 0.68$/bbl at 9.87$/bbl