9/19/2023 0 Comments Oil market watch![]() At the time of writing, the North Sea benchmark had inched up to $80/bbl. ![]() North Sea Dated hovered around $75/bbl for the month, marginally below May levels and a staggering $49/bbl less than a year ago. Amid an overall slackening in oil demand growth, China’s widely anticipated reopening has so far failed to extend beyond travel and services, with its economic recovery losing steam after the bounce earlier in the year. At the time of writing, Brent was trading around $78/bbl.īenchmark crude oil prices traded in a narrow range in June as persistent economic woes overshadowed deepening supply cuts from some OPEC+ countries. Asian crude benchmark Dubai outperformed WTI and Brent, as a tight East of Suez sour crude market contrasted sharply with a comfortably supplied Atlantic Basin. Additional voluntary cuts by some OPEC members and a weaker US dollar failed to dispel the macro gloom.
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