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Crude Higher but Erases Some Gains

OIL

Crude prices remain higher on the day, but have started retreating from the intraday high of $74.01/b during US hours. WTI has been boosted during the day by continued concerns over freight disruptions in the Red. Sea, while a weakening US dollar added additional support.

  • WTI JAN 24 up 1.5% at 73.58$/bbl
  • WTI-Brent down -0.11$/bbl at -5.25$/bbl
  • WTI JAN 24-FEB 24 up 0.02$/bbl at -0.33$/bbl
  • WTI FEB 24-MAR 24 unchanged at -0.28$/bbl
  • The Bloomberg dollar spot index is down 0.31% on the day to 1223.11.
  • Crude is finding support from continued concern over shipping security in the Suez Canal and Red Sea, with the US on Tuesday launching a multinational operation to safeguard start in the Red Sea as attacks by Iran-backed Houthi rebels forced major shipping companies to pause trade in the Red Sea.
  • The Houthis warned the US they will be legitimate targets if they interfere in its ongoing operations against Israel-linked vessels.
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