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​Edges Higher On Positive Cross Asset Sentiment ​​​​​


Brent crude has edged away from fresh cyclical lows (~$83.60/65), last tracking just above $84.60. WTI is around $77.20. Oil has benefited from the relief in cross asset sentiment today, with the USD off its recent highs, while US equity futures have rebounded. For Brent we remain some distance from yesterday's highs close to $88/bbl though.

  • Trafigura noted the demand/recessionary fear backdrop could dominate oil sentiment in the near term and prices likely face more downside pressure (comments were made at the APPEC conference in Singapore according to Bloomberg).
  • Elsewhere there continues to be speculation as to how OPEC+ will react to the softer demand backdrop as we progress into Q4.
  • In the US, we get the API weekly report on US oil inventories this evening.
  • Focus will also be on Hurricane Ian. While it is expected the hurricane won't disrupt infrastructure in the Gulf of Mexico, a number of companies have still shut down production in the region (see this link for more details).

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