Crude extends the decline as the prompt WTI spread turns negative

• Brent and WTI trades down through technical support levels and falls to the lowest since the start of October. Downside pressures come from concern for China oil demand amid rising covid cases and the weak global economic growth prospects.
• The prompt WTI spread has turned to contango with healthy short term supplies ahead of the Dec22 contract expiry on Monday.
  • Brent JAN 23 down -3% at 87.08$/bbl
  • WTI DEC 22 down -3.2% at 79$/bbl
  • WTI-Brent up 0.31$/bbl at -7.94$/bbl
  • Brent JAN 23-FEB 23 down -0.48$/bbl at 0.48$/bbl
  • Brent JUN 23-DEC 23 down -0.47$/bbl at 3.29$/bbl
  • WTI DEC 22-JAN 23 down -0.44$/bbl at -0.2$/bbl
  • WTI JAN 23-FEB 23 down -0.26$/bbl at 0.05$/bbl
  • WTI DEC 22-DEC 23 down -2.04$/bbl at 3.95$/bbl
  • WTI DEC 23-DEC 24 down -0.3$/bbl at 3.9$/bbl