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Crude Erases Gains amid Greenback Recovery

OIL

Crude has sharply reversed back following an earlier spike to put it down on the day, amid a very choppy session. A recovery in USD strength is likely adding some downside.

  • WTI APR 24 unchanged at 78.54$/bbl
  • WTI APR 24-MAY 24 up 0.16$/bbl at 0.87$/bbl
  • The latest leg lower for crude futures is being assisted by the recovering greenback, which is benefitting from a short-term position squeeze, potentially resulting from month-end positioning dynamics. The USD index has extended its intra-day bounce to 0.5% in recent trade.
  • Pessimism around the prospects of a ceasefire in Gaza and further bellicose messages from Yemen’s Houthis had been adding upside.
  • Speaking briefly to reporters, US President Joe Biden when asked on the prospect of an Israel-Hamas ceasefire agreement says that 'hope springs eternal,' but that it is unlikely to start by Monday 4 March (previously raised by Biden as a target date).
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