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Crude Higher As Uncertainty Persists In The Market

OIL

Oil prices rose strongly on Tuesday and are solidly above $80/bbl. WTI is up 2.1% to $81.38 and Brent +1.7% to $85.62. Uncertainty persists on both the demand and supply-fronts related to the Fed and the strength of China’s recovery, and the compliance with quotas, especially in Russia. The USD index is 0.4% lower.

  • WTI is currently close to its intraday high of $81.59 which followed a low of $79.37. It is approaching resistance of $81.81, the April 4 high. Key resistance is at $83.04, the January 23 high. Brent reached a high of $85.67 after a low of $83.75, but is below previous resistance of $86.44, the April 3 high.
  • The API reported a 400k build in crude stocks in the latest week and 500k in gasoline but a 2mn drawdown in distillate, according to Bloomberg from people familiar with the data.
Energy BulletsCommodities
Energy BulletsCommodities

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