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Crude Lower As Dollar Rises And Risk Appetite Deteriorates

OIL

Oil prices fell on Tuesday as the US dollar strengthened considerably (USD index +0.9%), the Fed’s Waller doesn’t see the need for quick and rapid rate cuts and risk appetite deteriorated. Currently markets are watching Middle East developments but are not expecting the conflict to become widespread, but Shell has halted all shipping through the Red Sea for now.

  • WTI fell 1.1% and is at $71.89/bbl. It moved below $72 briefly a number of times during NY trading with the intraday low at $71.71. It reached a high of $73.56 before then. Initial support is at $69.28, January 3 low, and resistance at $74.44.
  • Brent is down 0.5% to $77.78/bbl with the benchmark breaking below $78 briefly several times with the low at $77.60. It rose to $79.40 during the European session. Initial support is at $74.79 and resistance at $80.75.
  • Cold weather in the US has reduced North Dakota crude production by a further 600-650kbd, according to Bloomberg, and overall shale output is projected by the EIA to fall 2kbd in February.
  • The US defence department has said that it shot down four Houthi anti-ship missiles on Tuesday.
Energy BulletsCommodities
Energy BulletsCommodities

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