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Edging Away From Recent Highs

OIL

Brent crude has continued to edge away from recent highs. We were last just under $78/bbl, down -0.41% for the session so far, which comes after Wednesday's -0.47% drop. We have lost some momentum over the past 24 hours, but remain comfortably above recent lows. WTI is following a similar trajectory, last near $72.70/bbl.

  • Focus remains on the supply side, amid the on-going dispute in Iraq, involving the Kurdistan regional government and Turkey, which is reportedly disrupting around 400k barrels per day from the Turkish Ceyhan terminal.
  • US inventory data showed a sharp drop during Wednesday's session, but this didn't provide a boost to crude sentiment. Some focus has been on weakness in terms of distillates demand from the report, as a sign of lackluster overall demand conditions in the US.
  • Tomorrow, note we get official China PMI prints, which will provide an update on the demand picture.
  • For Brent, resistance is set at the intraday high of $79.64 after which sits the 50-day EMA of $80.81, whilst support is seen at $72.68 (Mar 24 low).
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