Crude Rally Pauses, Market Reports Published This Week

Oil prices are off their lows but have been trading in a narrow range during the APAC session. They are currently around 0.1% higher with WTI at $82.00 and Brent $85.34. The stronger greenback with the USD index up 0.3%, weaker US equity futures and softer Chinese import data have put pressure on crude. Concerns re tensions in the Black Sea have taken a back seat.

• WTI broke through $82 earlier in the session and troughed at $81.90. The level is being tested again. Brent has held above $85 with a low of $85.22.
• The last week of July showed a record decline in US inventories, which was due to some volatility. The API data is released later today. Also, the US’ EIA publishes its monthly “Short-term Energy Outlook”. On the global stage, OPEC+ and the IEA release their reports this week too.
• The Fed’s Harker and Barkin speak later on the economy. On the data front there is US June trade, inventories, July small business optimism and German July CPI. The focus of the week will be US July CPI on Thursday.