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OIL: Crude Still Under Pressure Following US CPI Data

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Crude prices are holding previous losses on the day following the higher than expected US CPI inflation data. The US dollar has strengthened with the index currently up 0.49% on the day.

  • US CPI Jan'25 Unrounded % M/M (SA): Headline 0.467%; Core: 0.446% (0.210% prior mth, revised down from 0.225).
  • Unrounded % Y/Y (NSA): Headline 3.000%; Core: 3.258% (3.238% prior mth)
  • Crude prices are edging lower today with rising US crude inventories and oversupply concerns limiting upside pressure. Rising Middle East tensions and risks of sanctioning tightening supplies have been supporting oil markets, albeit weighed against the potential impacts of US tariffs.
  • The OPEC MOMR keep global oil demand growth forecast for 2025 unchanged at 1.45mb/d.
  • Technicals show WTI Mar25 contract support and bear trigger at the Fe. 6 low of $70.43/bbl while Brent support is $74.10/bbl.
    • Brent APR 25 down 1% at 76.24$/bbl
    • WTI MAR 25 down 1.2% at 72.42$/bbl
    • WTI-Brent down 0.07$/bbl at -3.98$/bbl
    • WTI MAR 25-APR 25 down 0.08$/bbl at 0.16$/bbl
    • WTI JUN 25-DEC 25 down 0.19$/bbl at 2.53$/bbl
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Crude prices are holding previous losses on the day following the higher than expected US CPI inflation data. The US dollar has strengthened with the index currently up 0.49% on the day.

  • US CPI Jan'25 Unrounded % M/M (SA): Headline 0.467%; Core: 0.446% (0.210% prior mth, revised down from 0.225).
  • Unrounded % Y/Y (NSA): Headline 3.000%; Core: 3.258% (3.238% prior mth)
  • Crude prices are edging lower today with rising US crude inventories and oversupply concerns limiting upside pressure. Rising Middle East tensions and risks of sanctioning tightening supplies have been supporting oil markets, albeit weighed against the potential impacts of US tariffs.
  • The OPEC MOMR keep global oil demand growth forecast for 2025 unchanged at 1.45mb/d.
  • Technicals show WTI Mar25 contract support and bear trigger at the Fe. 6 low of $70.43/bbl while Brent support is $74.10/bbl.
    • Brent APR 25 down 1% at 76.24$/bbl
    • WTI MAR 25 down 1.2% at 72.42$/bbl
    • WTI-Brent down 0.07$/bbl at -3.98$/bbl
    • WTI MAR 25-APR 25 down 0.08$/bbl at 0.16$/bbl
    • WTI JUN 25-DEC 25 down 0.19$/bbl at 2.53$/bbl