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Crude Extends Pullback

OIL

Brent front month is pulling back to a new intra-day low of $88.73/bbl with a recovery in the US Dollar index after the latest US retail sales data release. Crude prices were trading lower today as Iran’s strikes against Israel were publicized ahead of the weekend and already priced in on last week’s headlines.

    • Brent JUN 24 down 1.4% at 89.18$/bbl
    • WTI MAY 24 down 1.4% at 84.5$/bbl
    • USD Index up 0.15% at 1261.23€/mt
  • The USD Index trades another cycle and multi-month high Monday, on the back of the better-than-expected US retail sales release (both a headline beat as well as positive revisions), as currencies follow the run higher in front-end US yields: the 2yr yield is nearing 5.00% at typing, a level last crossed in Q4 '23.
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