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Halts Decline, OPEC+ Eyed

OIL

Crude futures are marginally higher in Asia, recouping some of yesterday's losses.WTI is $0.19 above settlement levels at $59.35/bbl, Brent is $0.16 higher at $62.90. Data yesterday showed a draw in crude and gasoline inventories, with the market gleaning further support from expectations that OPEC+ will roll over its production quotas into May. US DOE inventory data showed headline stockpiles fell 880k bbls, while refinery utilisation reached 83.9% of total capacity, up 2.3 percentage points from the week prior. There are lingering demand concerns though, with France the latest European country to declare a 4-week lockdown while Italy extended restrictions, Ontario in Canada will also impost a lockdown. Markets look ahead to the conclusion of the OPEC+ meeting after a panel meeting finished on Wednesday without reaching a recommendation.

Energy BulletsCommodities
Energy BulletsCommodities

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