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Crude Extends Post CPI Gains

OIL

Crude futures are extending gains with a sharp fall in the US dollar after softer than expected US CPI numbers and after edging lower just ahead of the release. Brent front month rose to an intra-day high of $83.48/bbl, the highest level since 7 November. Prices have seen some support this week from the upward revisions in the IEA demand growth forecast adding to the OPEC upward revision yesterday.

  • Brent JAN 24 up 1.1% at 83.4$/bbl
  • WTI DEC 23 up 1.2% at 79.17$/bbl
  • USD Index down 0.8% at 104.780
  • US CPI Oct'23: Unrounded % M/M (SA): Headline 0.045%; Core: 0.227% (from 0.323%)
  • Unrounded % Y/Y (NSA): Headline 3.241%; Core: 4.031% (from 4.147%)
  • Global demand growth remains a concern, but the weaker US CPI data could help ease the risk of further Fed tightening.
Energy BulletsCommodities
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