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Crude Rises Further Driven By Numerous Factors

OIL
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Oil prices rose further by over a percent buoyed by further US dollar weakness (USD -0.2%). The upcoming OPEC meeting on the weekend is likely also supporting prices as it is expected to extend its 2mbd output cuts. Trading was light due to holidays in the US and UK.

  • Brent is 1.1% higher breaking $83/bbl. It reached a high of $83.20. The trend condition remains bearish with initial support at $80.65. Initial resistance is at $84.12, 50-day EMA, and the bull trigger at $91.18, April 12 high.
  • WTI rose 1.1% to $78.55/bbl but is still down 3.4% in May. It rose to an intraday high of $78.80 before easing somewhat.
  • Geopolitics came into play again with an Egyptian soldier killed in an unusual altercation with Israel on the Gaza border. Israel took control of the Rafah border crossing three weeks ago. An investigation is now taking place.
  • With the Memorial Day long weekend marking the start of the US driving season, gasoline and jet fuel demand will be watched closely. The American Automobile Association is expecting the number of people who flew over the weekend to be its highest in almost 20 years. Signs of strong demand should also support crude.
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Oil prices rose further by over a percent buoyed by further US dollar weakness (USD -0.2%). The upcoming OPEC meeting on the weekend is likely also supporting prices as it is expected to extend its 2mbd output cuts. Trading was light due to holidays in the US and UK.

  • Brent is 1.1% higher breaking $83/bbl. It reached a high of $83.20. The trend condition remains bearish with initial support at $80.65. Initial resistance is at $84.12, 50-day EMA, and the bull trigger at $91.18, April 12 high.
  • WTI rose 1.1% to $78.55/bbl but is still down 3.4% in May. It rose to an intraday high of $78.80 before easing somewhat.
  • Geopolitics came into play again with an Egyptian soldier killed in an unusual altercation with Israel on the Gaza border. Israel took control of the Rafah border crossing three weeks ago. An investigation is now taking place.
  • With the Memorial Day long weekend marking the start of the US driving season, gasoline and jet fuel demand will be watched closely. The American Automobile Association is expecting the number of people who flew over the weekend to be its highest in almost 20 years. Signs of strong demand should also support crude.