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OIL: Crude Slightly Higher So Far Today As Geopolitical Uncertainty Remains High

OIL
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Oil prices were lower on Tuesday driven by optimism of a deal with Russia on Ukraine but news that President Putin will not agree to a full ceasefire has not had a significant impact on crude as US data showed an inventory build. It has started APAC trading only slightly higher as the market waits for today’s Fed decision. The USD index is currently moderately higher.

  • WTI fell 1.3% to $66.70/bbl after a low of $66.56. It is currently around $66.79. A bearish condition persists and any moves higher appear corrective. Initial support is at $65.22, 5 March low, while resistance is $68.37, 17 March high.
  • Brent is down 0.9% to $70.42 to be 3.3% lower this month. So far today it is little changed. The benchmark remains in a downtrend with initial support at $68.33, 5 March low, and key medium-term support at $67.87.
  • While the Fed is not expected to change rates later on Wednesday, its dot plots will be watched closely for its thinking about the outlook, especially given heightened uncertainty. Oil price moves may be limited today as a result.
  • Bloomberg reported that there was a US crude inventory build of 4.59mn barrels last week, according to people familiar with the API data. However, there was a product stock drawdown of 1.71mn barrels for gasoline and 2.15mn for distillate. The official EIA data is out later on today.
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Oil prices were lower on Tuesday driven by optimism of a deal with Russia on Ukraine but news that President Putin will not agree to a full ceasefire has not had a significant impact on crude as US data showed an inventory build. It has started APAC trading only slightly higher as the market waits for today’s Fed decision. The USD index is currently moderately higher.

  • WTI fell 1.3% to $66.70/bbl after a low of $66.56. It is currently around $66.79. A bearish condition persists and any moves higher appear corrective. Initial support is at $65.22, 5 March low, while resistance is $68.37, 17 March high.
  • Brent is down 0.9% to $70.42 to be 3.3% lower this month. So far today it is little changed. The benchmark remains in a downtrend with initial support at $68.33, 5 March low, and key medium-term support at $67.87.
  • While the Fed is not expected to change rates later on Wednesday, its dot plots will be watched closely for its thinking about the outlook, especially given heightened uncertainty. Oil price moves may be limited today as a result.
  • Bloomberg reported that there was a US crude inventory build of 4.59mn barrels last week, according to people familiar with the API data. However, there was a product stock drawdown of 1.71mn barrels for gasoline and 2.15mn for distillate. The official EIA data is out later on today.