Crude Holds Daily Losses After BOE Rates Unchanged

Crude maintains earlier losses after the Bank of England leaves rates unchanged with a with 5-4 vote and unchanged guidance.

• BOE on services inflation: "Some of those movements are linked to services such as airfares and accommodation that tend to be volatile over the summer holiday period. Excluding these travel-related components, services inflation has been more stable at continued high rates, albeit slightly weaker than expected."
• Crude had earlier seen a corrective pullback with a stronger USD following the US Fed suggestion of another possible rate hike this year but with the market still supported by tight supply due to OPEC+ cuts.
  • Brent NOV 23 down -0.8% at 92.77$/bbl
  • WTI NOV 23 down -0.7% at 89$/bbl
  • WTI-Brent up 0.12$/bbl at -3.78$/bbl
  • Brent NOV 23-DEC 23 down -0.15$/bbl at 1.03$/bbl
  • Brent DEC 23-JAN 24 down -0.09$/bbl at 1.15$/bbl
  • Brent DEC 23-DEC 24 down -0.42$/bbl at 8.42$/bbl