Free Trial

Crude Extends Rally Following US CPI Revisions

OIL

Crude prices are extending the rally from yesterday triggered by a weaker move in the US dollar which has largely reverse after the US CPI revisions. The adjustments to the headline readings were relatively modest and don’t impact the broader inflationary trend.

  • Crude was already trading higher this week driven by a higher geopolitical risk premium amid diminishing hope of any near-term ceasefire deal in Gaza.
  • Technicals show the first Brent resistance at the Feb 8 high of 81.9$/bbl and support at Feb 5 low of 76.62$/bbl.
  • Crude time spreads are edging slightly higher but still below the highs from yesterday.
    • Brent APR 24 up 0.6% at 82.15$/bbl
    • WTI MAR 24 up 0.9% at 76.93$/bbl
    • WTI-Brent up 0.07$/bbl at -5.31$/bbl
    • Brent APR 24-MAY 24 up 0.07$/bbl at 0.62$/bbl
    • Brent JUN 24-DEC 24 up 0.04$/bbl at 2.82$/bbl

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.