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Crude Rallies On US Debt Deal

OIL

Oil prices have taken a step up at the start of APAC trading following the US debt-ceiling agreement on the weekend. They rose over a percent on Friday with the general improvement in risk appetite as optimism grew on a deal being reached. The USD index rose off its lows to finish the day flat.

  • WTI is currently trading around $73.21/bbl after closing 1.5% higher on Friday at $72.91. It is approaching resistance at $74.31, the 50-day EMA. Brent rose 1.1% to $77.12, close to the intraday high of $77.35. Resistance is $78.46, the 50-day EMA.
  • The possibility of further output cuts is also supporting crude. Russia’s deputy PM Novak said that OPEC+ is unlikely to change its quotas at the June 3-4 meeting, while the Saudi energy minister warned speculators. There are signs that demand from China is improving.
  • Both the US and UK are closed today and so liquidity in the oil market is expected to be thin.
Energy BulletsCommodities
Energy BulletsCommodities

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