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Crude Finding Support From Geopolitics & Risk Sentiment

OIL

Oil prices are moderately higher during APAC trading today after rising around a percent on Wednesday as the situation in the Middle East deteriorated with the US killing an Iranian-backed militant leader in Baghdad and Israel rejecting Hamas’ ceasefire terms. Crude has also been supported by better risk sentiment. The USD index is down slightly.

  • WTI has traded above $74 for much of today and is currently up 0.4% to $74.14/bbl just off the intraday high of $74.27. Brent is also 0.4% higher at $79.52 down from the $79.65 high.
  • Brent’s prompt spread is in a bullish structure, whereas WTI’s is bearish, according to Bloomberg.
  • Data today showing an increase in deflationary pressures in China in January didn’t worry crude. Jet fuel and gasoline usage will be monitored to gauge the strength of travel over the upcoming Lunar New Year holiday. China is the world’s largest oil importer.
  • Later the Fed’s Barkin speaks, and BoE’s Mann, ECB’s Lane & Elderson appear. There is little on the data front.
Energy BulletsCommodities
Energy BulletsCommodities

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