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Crude Edges Back Up on USD Weakness

OIL

Crude finding a little support again driven by a weaker US dollar following the preliminary November US PMI data from S&P Global.

  • The preliminary PMI data was mixed across the board but a beat for services helped drive a surprise but moderate strength in overall activity.
  • The manufacturing PMI fell more than expected at 49.4 (cons 49.9) from 50.0.
  • The services PMI surprisingly increased marginally to 50.8 (cons 50.3) from 50.6.
  • The composite PMI was stronger than expected as it held put at 50.7 (cons 50.4).
  • Brent front month is still trading below the highs of the week of 82.94$/bbl with key focus on future OPEC policy ahead of the delayed meeting on Thursday next week.
    • Brent JAN 24 up 0.4% at 81.71$/bbl
    • WTI JAN 24 down -0.7% at 76.58$/bbl (vs Nov 22 close)
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