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Brent Above 80$/bbl with Weaker USD After US CPI Data

OIL

Crude edges higher to trade above 80$/bbl for the first time since May after the updated US CPI data came out lower than expected and with a weaker USD. The market is weighing tighter supplies driven by cuts from Saudi Arabia and Russia against economic demand concerns and the potential for further US Fed rate tightening.

  • US Unrounded CPI data for Jun23: Unrounded % M/M (SA): Headline 0.18%; Core: 0.158% (from 0.436%)
  • Brent SEP 23 up 0.6% at 79.89$/bbl
  • WTI AUG 23 up 0.8% at 75.42$/bbl
  • WTI-Brent up 0.04$/bbl at -4.66$/bbl
  • Brent SEP 23-OCT 23 up 0.07$/bbl at 0.4$/bbl
  • Brent DEC 23-DEC 24 up 0.15$/bbl at 3.94$/bbl
Energy BulletsCommodities
Energy BulletsCommodities

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