Crude Rebounds of Vessel Attack, USD

Crude markets are recovering from earlier lows of $80.72/bbl to trade higher on the day supported by a lower US dollar and a new attack on a vessel in the Red Sea, offsetting earlier declines driven by a large US crude inventory build.

• Brent APR 24 up 0.6% at 82.05$/bbl
• WTI MAR 24 up 0.6% at 77.09$/bbl
• The UKMTO has received a report of an incident 85NM east of Aden, Yemen. The Master reports an explosion in close proximity to the vessel, it said on X.
• Greenback fades through the cash equity open, helping aid new daily highs for both EUR/USD and GBP/USD as volumes pick up on the move. Latest pick up in activity tilts the day's cumulative volumes just ahead of average for this time of day, despite a quieter European morning session.
• US data helped the initial push lower for the USD, however GBP/USD remains below the pre-UK inflation highs (1.2611), not to mention the pre-US CPI highs from earlier this week - marking the more notable upside level of 1.2684.US data helped the initial push lower for the USD, however GBP/USD remains below the pre-UK inflation highs (1.2611), not to mention the pre-US CPI highs from earlier this week - marking the more notable upside level of 1.2684.