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Crude Down Marginally, Key Inventory Data Later

OIL

Oil prices have held onto most of their recent gains but are down moderately during APAC trading after two days of strong rises. Brent is down 0.4% to $81.96/bbl, close to the intraday low, and WTI is also 0.4% lower at $77.51/bbl. The USD index is down a further 0.3% but is failing to provide support to crude.

  • Prices have been supported in recent sessions on expectations that Saudi Arabia and Russia will extend their voluntary cuts into 2024 and speculation that the rest of OPEC may reduce output further when the group meets this weekend given the latest price weakness. RBC said today that it sees “some scope for more OPEC cuts, according to Bloomberg.
  • The return to fundamentals has made US inventory data important again and today US API data are released.
  • Later the FOMC November meeting minutes are published. There are also Chicago and Philly Fed indices, October US existing home sales and Canadian CPIs. The ECB President Lagarde and Board member Schnabel speak.
Energy BulletsCommodities
Energy BulletsCommodities

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