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Crude Nearing Friday’s High

OIL

Crude oil prices are nearing the highs of Nov. 24, but have seeing some resistance and yet to break through those levels. This follows an initial surge of around $1.30/b during late European trading hours.

  • Brent JAN 24 up 2.7% at 82.13$/bbl. Friday’s high was $82.20/b
  • WTI JAN 24 up 2.8% at 76.97$/bbl. Friday’s high was $77.07/b.
  • Crude is rebounding amid a sharp fall in the US dollar. Dovish comments from Fed's Waller (permanent voter) raised market pricing for Fed rate cuts across 2024, prompting a pullback in both front-end Tsy yields and the USD Index - which printed the lowest level since mid-August.
  • Crude is also finding support from uncertainty over the upcoming OPEC+ meeting and potential further supply cuts, coupled with lower output from Kazakhstan as storms impact CPC loadings.
  • WTI JAN 24-FEB 24 up 0.1$/bbl at -0.13$/bbl
  • WTI FEB 24-MAR 24 up 0.07$/bbl at -0.06$/bbl

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