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Crude Gives Up Monday’s Gains As Demand Outlook Drives Prices

OIL

Oil prices are down slightly today giving up most of the early gains post the Saudi announcement that it would cut its own production a further 1mbd from July, as the market became more cautious. The decision may put a floor under prices but while the demand outlook is uncertain, is unlikely to drive any sustained increase in prices. The USD is down slightly.

  • Brent is 0.3% lower to $76.45 after reaching an intraday low of $76.14 before the high of $76.64. It is now up only 0.4% since Friday’s close. WTI is down 0.5% today to $71.82 with a high of $72.03 and a low of $71.54. It is now only 0.1% above Friday’s close.
  • Later there is US June IBD/TIPP economic optimism, euro area April retail sales and consumer expectations. The API US inventory data is also due.
Energy BulletsCommodities
Energy BulletsCommodities

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