Crude Regains Ground With Weaker USD

Crude recovering some earlier losses ahead of the EIA oil inventories and assisted by a weaker US dollar before the US Fed rate decision later today.

• The EIA weekly petroleum inventory data is due for release this afternoon at 15:30BST. EIA data is expected to show a small draw in crude stocks with a small build in both gasoline and distillates and a drop in refinery utilisation according to a Bloomberg survey.
• The US Fed is widely expected to keep rates unchanged later today but a hawkish forecast or press conference could weigh on prices.
• WTI-Brent is up to -3.7$/bbl with WTI support by another draw expected in Cushing stocks which are already at the lowest since December.
  • Brent NOV 23 down -0.2% at 94.11$/bbl
  • WTI NOV 23 down -0.1% at 90.36$/bbl
  • WTI-Brent up 0.11$/bbl at -3.73$/bbl
  • Brent NOV 23-DEC 23 down -0.09$/bbl at 1.11$/bbl
  • Brent DEC 23-DEC 24 down -0.27$/bbl at 8.99$/bbl
  • WTI NOV 23-DEC 23 up 0.02$/bbl at 1.33$/bbl
  • WTI DEC 23-DEC 24 down -0.28$/bbl at 9.61$/bbl