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ECB Rate Increase Weighs on Crude

OIL

Crude faces weakness as it nears yesterday’s lows after the ECB announced its decision to go ahead with a 50 basis point interest hike.

  • Crude sold off heavily yesterday on market nerves around the Credit Suisse situation before firming this morning on announcements of financial help for the bank.
  • The dust is still settling in rate markets following the ECB's 50bp hike, so MNI would caution against reading much into implied probabilities, but for the moment pricing is for a basically flat path for the rest of the year including less than a 50% probability of a full 25bp hike in either of May or June.
  • Crude prices are proving reactive to any signs of weakness in the economy with higher central bank rates feared to hit demand levels.
  • Brent MAY 23 down -1.7% at 72.44$/bbl
  • WTI APR 23 down -1.9% at 66.3$/bbl
  • Gasoil APR 23 down -1.2% at 724.75$/mt, WTI-Brent up 0.03$/bbl at -5.97$/bbl
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