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Crude Extends Recovery Ahead Of Fed & OPEC Announcements Later

OIL

Oil prices have been zigzagging in a tight range during the APAC session ahead of the Fed and OPEC+ decisions later. A hawkish tone to Fed comments could put downward pressure on crude. WTI is currently up 0.5% to around $79.25/bbl and Brent +0.4% to $85.75. The USD is flat.

  • WTI is still trading below $80 and initial resistance is at $80.49, the January 30 high. The sharp correction on Monday has put the uptrend in doubt and a further correction could see an extension towards $72.74, the January 5 low. WTI is ahead of its 50-day MA and Brent its 50- and 100-day MA.
  • API reported another rise in US crude inventories of 6.3mn barrels and distillate was up 1.5mn and gasoline 2.7mn. The EIA stock data is out today.
  • Later the Fed meets and is expected to hike rates 25bp (see MNI Fed Preview). OPEC+ also meets but reports before the meeting implied that there would be no change in their guidance. There are also manufacturing PMIs/ISM for January for the US and Europe and US JOLTS job openings for December.
Energy BulletsCommodities
Energy BulletsCommodities

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