Edging Up From Recent Lows, But Still ~8% Lower For The Week

Brent crude is tracking higher so far today, last just above $73/bbl, which is +0.80% above Thursday closing levels. Still, we are still tracking more than 8% lower for the week, which is the third straight week of losses. WTI had a much quieter start at the open compared to yesterday and is ticking higher as well, last above $69/bbl.

• For Brent, we have consolidated above $72/bbl after testing below this level earlier in the week. A break below this level would open up a test of previous YTD lows near $70/bbl.
• Recessionary fears, coupled with a still comfortable supply backdrop, continues to weigh on sentiment more broadly. We need to get back above $75/bbl to turn sentiment more favorable in the near term.
• Saudi Arabia cut oil prices for Asian markets for June delivery late yesterday, albeit not as much as some in the market expected.
• Also note, US National Security Advisor Sullivan is visiting Saudi Arabia this weekend to meet with the country's leaders.