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Higher On The Day, Lower On The Week

OIL

Crude futures have risen on Friday, WTI is last up $0.61 at $59.17/bbl, while Brent is up $0.49 at $62.44/bbl. On a weekly basis oil is on track for a third weekly decline.

  • Markets are still weighing the implications of the trapped container ship in the Suez canal, reflation efforts have so far failed, which has raised the prospect that the ship could continue to block the route for days. The route facilitates almost 10% of total seaborne oil trade.
  • Upside could be tempered by renewed COVID-19 concerns as infection numbers in Europe rise, which has forced countries to extend their mobility restrictions, dampening the demand outlook for oil. Markets look ahead to the next OPEC+ meeting on April 1 where the coalition is expected to roll over production cuts.
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