Crude Trading Sideways After Rising On China PMI Data

Oil prices have been trading sideways during the APAC session after rising around a percent on Wednesday following positive PMI data from China. Brent is around $84.39/bbl, hovering around the 100-day moving average, and WTI is $77.72. The USD index is up 0.1%.

• Oil prices are holding above last week’s lows but moving average studies remain in bear mode. Key short-term support for WTI is at $73.80, the February 22 low.
• The EIA reported a lower-than-expected US crude inventory build of 1.165mn down from the previous week’s 7.648mn. US oil exports rose a very strong 22.4% on the week.
• The Fed’s Waller and Kashkari are speaking later on the economic outlook and race, justice and the economy respectively. In terms of data, there are US jobless claims and final Q4 readings for unit labour costs/productivity. There is also euro area February CPI data and ECB minutes.