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Crude Finding Further Strength To New Session High

OIL

Crude prices are finding further strength this afternoon amid a weaker dollar and the broader market moves.

  • Low volumes and fears of rising interest rates are adding to crude’s “nervous trade”, Dennis Kissler, Senior VP at BOK Financial Securities said.
  • US government data released Thursday showed the growth rate of the US economy at the end of 2022 was reduced to 2.6%
  • Brent prices received some upside on the fundamentals side, as talks between the Iraqi and Kurdish governments are not scheduled to resume before next week. This comes after DNO announced it has started shutting down its production fields in Kurdistan and diverted oil production to storage tanks which could only accommodate a few days’ output given limited capacity.
  • Brent crude prices on Thursday rose as high as $79.29/bbl.
  • Brent MAY 23 up 1.2% at 79.21$/bbl
  • WTI MAY 23 up 1.6% at 74.16$/bbl
Energy BulletsCommodities
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