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Crude Weakens to Lowest Since April 1

OIL

Crude prices have softened to the lowest since April 1 as European trading winds down.

  • Brent JUN 24 down 2.5% at 87.75$/bbl
  • WTI MAY 24 down 2.5% at 83.2$/bbl
  • Crude has shed some of its geopolitical risk premium, given the lack of tangible impact to flows despite ongoing tensions. The premium was seen at around $5/b earlier in the week.
  • Earlier, US crude stocks also saw an above expectation increase in the week to April 12, according to EIA data, up 2.735m bbl compared to expectations of 1.427m bbl.
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