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Crude Drifts Down from Highs Amid USD Strength

OIL

Crude futures are drifting lower on the back of US dollar strength today as the USD Index is nearing March highs ahead of the US Fed rate decision tomorrow.

  • Front month Brent has pulled back from the highest since November driven by global supply risks from a recent escalation of drone attacks on Russia refineries which added to tighter supplies due to extended OPEC+ cuts.
  • Crude time spreads are following the softer tone today to ease back from the high levels seen yesterday.
  • Brent crude aggregate traded volumes rose above normal yesterday to 1.25m while WTI volumes were near normal at 0.83m.
  • Technicals show the bull cycle remains in play with Brent resistance at the Mar. 18 high of $87.18/bbl and Oct. 20 high of $88.31/bbl. Key resistance on WTI is at $84.87/bbl.
    • Brent MAY 24 down 0.4% at 86.54$/bbl
    • WTI APR 24 down 0.4% at 82.43$/bbl
    • WTI-Brent up 0.05$/bbl at -4.68$/bbl
    • Brent MAY 24-JUN 24 down 0.03$/bbl at 0.67$/bbl
    • Brent JUN 24-DEC 24 down 0.15$/bbl at 4.16$/bbl
    • WTI APR 24-MAY 24 unchanged at 0.56$/bbl
    • WTI JUN 24-DEC 24 down 0.16$/bbl at 4.17$/bbl

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