WTI Oil Recovers but Discount to Brent Rises to New High

WTI crude oil recovered in US session after retail sales and PPI exceeded market expectations. Currently trading at 97.60, the front-month WTI contract extended the 2-day weakness earlier in the day as PBOC raised the reserve requirement ratio. The WTI-Brent crude spread widened to a new record high as oil supplies in Europe tighten further after Shell's force majeure.

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WTI Oil Recovers but Discount to Brent Rises to New High