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Crude Surges On Trouble In The Middle East, OPEC Committed To Stability

OIL

Oil prices surged around 3.5% on Wednesday following OPEC reiterating its commitment to market stability, a terrorist attack in Iran adding to tensions in the region and the US announcing it wants to buy 3mn barrels for its SPR. The further 0.3% rise in the USD index following Tuesday’s 0.9% rise and the lack of an easing discussion at the last FOMC meeting didn’t hold crude back.

  • WTI is up 3.8% to $73.06/bbl, close to the intraday high of $73.23 but well below resistance at $75.64, 50-day EMA.
  • Brent is 3.4% higher at $78.49/bbl, just below the high of $78.67. Key short-term resistance is at $81.45, December 26 high.
  • Bloomberg is reporting that US crude stocks fell 7.418mn barrels in the latest week, according to people familiar with the API data, which has given a late boost to oil prices. But gasoline inventories rose 6.913mn and distillate 6.686mn. The official EIA data is out later today.
  • Protests in Libya have resulted in the Sharara oil field, its largest, starting a full shutdown, according to Bloomberg. Recently it has been producing 300kbd.
Energy BulletsCommodities
Energy BulletsCommodities

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