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Crude Climbs to New Intraday High

OIL

Crude has risen to a new intraday high, with gains in WTI outpacing those of Brent, likely supported by recent US macro data.

  • However, prices are still within the range seen throughout May.
  • Record high stock levels are looking supportive for rate cuts, according to Reuters.
  • Initial jobless claims dipped by slightly less than expected to a seasonally adjusted 222k (cons 220k) in the week to May 11.
  • A measure of business activity from the NY Fed on the region’s service sector increased this month. General business conditions at 3 compared to -0.6 prior.
  • Brent JUL 24 up 0.6% at 83.26$/bbl
  • WTI JUN 24 up 0.8% at 79.29$/bbl
  • WTI-Brent up 0.08$/bbl at -4.5$/bbl
  • Brent JUL 24-AUG 24 up 0.03$/bbl at 0.45$/bbl
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