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Crude Extends Decline Through Support Level Ahead of EIA Data

OIL

Crude has extended a decline pushing Brent through a technical support level at 83.50$/bbl driven by market refocus on demand growth concern and a potential further US Fed rate hike over supply issues.

  • Next key support for Brent is at the 50-day EMA that intersects at 82.03$/bbl
  • Strong Russia output and some tentative progress towards a restart of Kurdish oil supply is adding the the downside pressure.
  • The updated EIA oil inventory data expected to show small inventory draws is due at 10:30ET (15:30BST).
    • Brent JUN 23 down -1.9% at 83.13$/bbl
    • WTI MAY 23 down -2% at 79.25$/bbl
    • WTI-Brent up 0.01$/bbl at -3.88$/bbl
    • Brent JUN 23-JUL 23 down -0.04$/bbl at 0.28$/bbl
    • Brent DEC 23-DEC 24 down -0.31$/bbl at 4.69$/bbl
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