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Drawing Support From USD Downtick, Still On Track For Third Weekly Loss

OIL

A softer USD has provided some support for crude oil in the final session of the week, although continued demand worry leaves the major oil benchmarks on track for a third consecutive weekly decline.

  • WTI and Brent futures sit $0.50 & $0.30 higher on the session, respectively.
  • Heightened worry re: the COVID situation has been a major headwind for crude bulls during the current week.
  • In the background, European officials remain locked in discussion re: the technicalities surrounding the proposed Russian oil price cap, with the relevant parties not appearing close to forming a consensus agreement.
  • Note that late on Thursday we saw the Iraqi and Saudi Arabian oil ministers stress commitment to continued collective action within the OPEC+ framework via a joint statement. The statement highlighted the potential for the group to take further action re: crude output levels, if required.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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