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Crude In Narrow Ranges As Waits For Gaza Deal & Fed Announcement

OIL

Oil prices have range traded during today’s APAC session as markets wait the FOMC decision tomorrow (see MNI Fed Preview) and news on a Gaza ceasefire agreement. The Fed will be monitored closely as any further indication that the first rate cut will be delayed further is likely to weigh on oil prices as the market fears soft demand. A ceasefire is likely to see the geopolitical premium decline further. The USD index is up 0.2%.

  • Oil prices fell over a percent yesterday on prospects of a truce deal for Gaza and today those losses have been held. WTI is down 0.2% to $82.50/bbl off the intraday low of $82.43. Brent is also 0.2% lower at $87.07 after finding support at $87.00.
  • US crude inventories fell sharply the week before last. Today API data for last week will be released with the official EIA numbers on Wednesday.
  • Later US Q1 ECI, February house prices, April MNI Chicago PMI and consumer confidence print. The ECB’s Buch speaks and euro area preliminary April HICP, and German, Italian & French Q1 GDP are released.
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