Free Trial

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).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.