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Brent Tracking +3% Higher For The Week On Broader Risk Appetite Boost

OIL

Brent crude is higher, back in the $76.40-50/bbl region currently. This is +0.78% above NY closing levels from Thursday, although Brent remains within ranges for the past week or so. We are tracking around 3% higher at this stage versus end levels from last week. This would be the first gain since mid April for Brent. WTI was last near $72.40/bbl, and following a similar trajectory.

  • From a levels standpoint, Brent is wedged between support at $73.49 (May 15 low) and recent highs at $77.60 (May 10 high).
  • Broader risk appetite has improved in the equity space through the latter part of this week, as hopes of a debt deal rise. This has aided oil sentiment, helping to offset higher US real yields and weaker sentiment emanating out of China.
  • Bloomberg notes oil demand out of South Korea and Taiwan has picked up (link), which has also likely helped at the margins.
  • Elsewhere reports suggest wildfires in Alberta, Canada, is taking 240k barrels per day from supply.
Energy BulletsCommodities
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