Free Trial

Crude Ticks Up to New Intraday Highs

OIL

WTI has erased earlier gains to be trading at a new intraday high in US hours, although is far from recouping all of yesterday’s steep losses.

  • Brent JUN 24 up 0.4% at 87.68$/bbl
  • WTI MAY 24 up 0.7% at 83.31$/bbl
  • Much of the recent receding in crude has been a shedding of the geopolitical risk premium of around $5/b, attributed to concerns that a wider Middle East conflict could hit supply.
  • While concerns of such a scenario appear to be easing, the market waits for any Israeli response to Iran’s drone attack last week, which could still spark unintended escalation.
  • Israel is unlikely to carry out a strike on Iran until after Passover, starting 29 April, according to ABC citing a senior US official.
124 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

WTI has erased earlier gains to be trading at a new intraday high in US hours, although is far from recouping all of yesterday’s steep losses.

  • Brent JUN 24 up 0.4% at 87.68$/bbl
  • WTI MAY 24 up 0.7% at 83.31$/bbl
  • Much of the recent receding in crude has been a shedding of the geopolitical risk premium of around $5/b, attributed to concerns that a wider Middle East conflict could hit supply.
  • While concerns of such a scenario appear to be easing, the market waits for any Israeli response to Iran’s drone attack last week, which could still spark unintended escalation.
  • Israel is unlikely to carry out a strike on Iran until after Passover, starting 29 April, according to ABC citing a senior US official.