May 21, 2024 04:42 GMT
Crude Lower On Weaker Risk Sentiment But Still In Recent Ranges
OIL
Oil prices have fallen driven by a general pullback in risk with commodities lower and HK equities down sharply. WTI is down 0.6% to $78.84/bbl close to the intraday low. Brent is 0.5% lower at $83.26 but continues to move in a narrow range. Recent geopolitical events have been overlooked by the market. The USD index is up 0.1%.
- Market signals are pointing to an easier crude outlook with the Brent prompt spread at its narrowest since January, according to Bloomberg. Other indications include money managers reducing their longs and the reduction of refining margins.
- With the focus back on fundamentals, US inventory data is being watched closely. Later today the API sourced information will be released.
- Later the Fed’s Barkin, Waller, Williams, Bostic and Barr and BoE’s Bailey speak. US Philly Fed non-manufacturing for May and Canadian April CPI print.
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