Brent Support Evident Ahead Of $80/bbl, Holding Steady In Terms Weekly Chnage

Brent crude has continued to recover today, last near $83.00/bbl. This puts us +0.95% above NY closing levels and follows Thursday's +2% gain. Support appears evident for Brent around the $80/bbl level, as we haven't spent much time below this level in February. Brent is close to unchanged versus closing levels from last week. For WTI, we are back above $76.00/bbl.

• Overall, oil trends still look to be in somewhat of a holding pattern. Dips broadly remain supported, while prompt spreads continue to suggest tightness from a supply point.
• This is a little at odds with the continued rise in US inventory levels though.
• The market may also be waiting for greater clarity around the China outlook/policies from the upcoming National People's Congress.
• From a technical standpoint, the 20 and 50-day EMAs are above ($83.70 & $84.3), but arguably we need to break above the 100-day ($86.70) to form a more constructive outlook.
• Outside of tonight's US data (PCE and U. Of Mich Sentiment) next week EU energy ministers hold an informal meeting on Monday energy security. Then on Tuesday Internation Energy Week kicks off from London. Wednesday sees China PMIs for Feb.