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Crude Holding Gains After US CPI Data

OIL

Crude settles after an initial test higher following the US inflation data with Core CPI m/m very much as expected at 0.303%.

  • Crude has been trending higher so far today supported by optimism for oil demand.
  • Next key technical resistance is at the 3 Jan high of 87.00$/bbl on Brent and 81.5$/bbl on WTI.
    • Brent MAR 23 up 1.4% at 83.86$/bbl
    • WTI FEB 23 up 1.4% at 78.52$/bbl
    • Brent MAR 23-APR 23 up 0.06$/bbl at -0.13$/bbl
    • Brent JUN 23-DEC 23 up 0.26$/bbl at 2.53$/bbl
    • Brent DEC 23-DEC 24 up 0.32$/bbl at 4.16$/bbl

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