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Crude Awaiting Wednesday’s Fed Decision, Market Needs Banking Stabilisation

OIL
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Oil prices have been unwinding Monday’s gains during APAC trading. Brent is down 1.0% after rising 1.2% yesterday to be around $73.02/bbl, close to the intraday low of $72.85 and off the high of $74.04 earlier. WTI is down 0.8% to below $67 at $66.83. The USD index is up 0.1%.

  • While global central banks and regulators have put measures in place to ease banking concerns, oil markets are still nervous about the implications for demand. The risks to crude are to the upside once the banking sector stabilises, given the 15% correction in March.
  • Later ECB President Lagarde speaks and on the data front there are only Canadian CPI and US existing home sales for February. The focus of the week is Wednesday’s FOMC meeting. Currently a 25bp rate rise is expected by economists but there’s the possibility of a pause given recent banking troubles and this would be positive for oil prices as a weaker USD makes it cheaper for non-US purchases.
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Oil prices have been unwinding Monday’s gains during APAC trading. Brent is down 1.0% after rising 1.2% yesterday to be around $73.02/bbl, close to the intraday low of $72.85 and off the high of $74.04 earlier. WTI is down 0.8% to below $67 at $66.83. The USD index is up 0.1%.

  • While global central banks and regulators have put measures in place to ease banking concerns, oil markets are still nervous about the implications for demand. The risks to crude are to the upside once the banking sector stabilises, given the 15% correction in March.
  • Later ECB President Lagarde speaks and on the data front there are only Canadian CPI and US existing home sales for February. The focus of the week is Wednesday’s FOMC meeting. Currently a 25bp rate rise is expected by economists but there’s the possibility of a pause given recent banking troubles and this would be positive for oil prices as a weaker USD makes it cheaper for non-US purchases.