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Crude Stronger On Improved Sentiment, Brent At $91

OIL

Oil prices are around 0.5% stronger during APAC trading today as risk sentiment improved on the back of a positive Hang Seng and a lifeline to Country Garden. WTI is close to its intraday high at $87.70/bbl and has traded above $87.20. Brent has breached $91 briefly and is currently trading around that level. The USD index is flat.

  • The market has focused on the tightness of crude supply and later API data on US inventories are scheduled. US stocks have fallen sharply over the last few weeks. Also OPEC+ and the US’s EIA publish their monthly outlook reports today. The IEA’s is due on Wednesday. European diesel prices have risen strongly as Russia reduces shipments.
  • The demand outlook has also improved with the US currently looking like it is headed for a soft landing and stronger crude imports into China.
  • Later there is the August US NFIB small business optimism index, UK wages/employment and September euro area ZEW. The focus is on Wednesday’s US CPI.

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