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Crude Higher On Better Risk Appetite

OIL

Oil prices have made further modest gains of around 0.6% following Monday’s rise, as commodities have generally risen. WTI is at $69.82/bbl, just off the intraday high of $69.86 and approaching $70. Brent is around $74.76, close to the high of $74.81. The USD index is 0.2% lower.

  • Oil fell in early APAC trading with WTI reaching a low of $69.29 and Brent $74.25. The recovery in crude was boosted by better risk sentiment driven by China’s CNY fixing being stronger than forecast.
  • Bloomberg is reporting that China’s largest oil company and refiner have taken huge opposing positions in Middle East crude, which is unusual. This has resulted in volatile Dubai crude prices this month and has clouded the true situation in the Middle East market.
  • US API inventory data is published today. US May durable goods orders, April house prices, May new home sales, June consumer confidence, June Richmond manufacturing & Dallas services print later. Canada’s May CPI is also released. ECB President Lagarde speaks.
Energy BulletsCommodities
Energy BulletsCommodities

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