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Crude Moves Higher Ahead Of Fed Chair Powell’s Appearance

OIL

Oil prices are up slightly during APAC trading ahead of Fed Chair Powell’s appearance later but are still down around 0.6% on the week. WTI is 0.4% higher to $71.49/bbl, close to the intraday high of $71.58. Brent is up 0.3% to $76.16, also near the high of $76.29. The USD index is slightly higher.

  • China’s recent measures to support the economy appear to have helped provide a floor to oil prices today, but the market remains sensitive to demand indicators and is likely to look through stimulus if the data continue to disappoint. China National Petroleum Corp reduced its 2023 oil demand growth expectations to +3.5% from +5.1%.
  • Later Fed Chairman Powell appears before the House Financial Services Panel, which should help frame the rate outlook, and Fed’s Goolsbee will also speak. On the data front UK May CPI and US mortgage applications are published.
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