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Crude Drifts Lower on Stronger USD Following US Data

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Crude markets are softer but still slightly up on the day after stronger than expected Q1 Core PCE prices index and recovery in US dollar from a move lower earlier today.

  • Q1 Core PCE price index: 3.7% (3.4% expected, 2.0% prior)
  • Q1 GDP: 1.6% (2.5% expected, 3.4% prior)
  • Crude markets have been fairly stable during European morning trading, with geopolitical risk weighed against demand concerns.
  • Technicals show first support for Brent is at the 50 day EMA at $85.76/bbl and resistance up at the Apr 12 high of $92.18. WTI support is at $80.93/bbl and resistance at $86.97/bbl.
    • Brent JUN 24 up 0.2% at 88.23$/bbl
    • WTI JUN 24 up 0.3% at 83.02$/bbl
    • WTI-Brent up 0.04$/bbl at -5.21$/bbl
    • Brent JUN 24-JUL 24 up 0.07$/bbl at 1.05$/bbl
    • Brent JUN 24-DEC 24 up 0.1$/bbl at 4.64$/bbl
    • WTI JUN 24-JUL 24 up 0.04$/bbl at 0.76$/bbl
    • WTI JUN 24-DEC 24 up 0.09$/bbl at 4.48$/bbl
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Crude markets are softer but still slightly up on the day after stronger than expected Q1 Core PCE prices index and recovery in US dollar from a move lower earlier today.

  • Q1 Core PCE price index: 3.7% (3.4% expected, 2.0% prior)
  • Q1 GDP: 1.6% (2.5% expected, 3.4% prior)
  • Crude markets have been fairly stable during European morning trading, with geopolitical risk weighed against demand concerns.
  • Technicals show first support for Brent is at the 50 day EMA at $85.76/bbl and resistance up at the Apr 12 high of $92.18. WTI support is at $80.93/bbl and resistance at $86.97/bbl.
    • Brent JUN 24 up 0.2% at 88.23$/bbl
    • WTI JUN 24 up 0.3% at 83.02$/bbl
    • WTI-Brent up 0.04$/bbl at -5.21$/bbl
    • Brent JUN 24-JUL 24 up 0.07$/bbl at 1.05$/bbl
    • Brent JUN 24-DEC 24 up 0.1$/bbl at 4.64$/bbl
    • WTI JUN 24-JUL 24 up 0.04$/bbl at 0.76$/bbl
    • WTI JUN 24-DEC 24 up 0.09$/bbl at 4.48$/bbl