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Holding Near Recent Highs, Brent Eyeing $80/bbl Handle

OIL

Brent crude sits close to unchanged for the session, last tracking around $79.50/bbl. Earlier highs came in at $79.75/bbl, while a low of $79.31/bbl was seen. We did see a +2.2% gain for Brent on Tuesday, so by and large we are holding onto those gains for far in Wednesday trade. WTI was last near $74.95/bbl, a touch above NY closing levels from Tuesday.

  • Broader macro themes have unfolded in a similar fashion to yesterday, with USD sentiment under pressure, the BBDXY off a further 0.30%. On-going China stimulus hopes has been another focus point, with onshore media in China highlighting local analysts calling for more fiscal stimulus in H2.
  • Bloomberg also notes reduced Russian supply (based of vessel tracking) to July 9, which suggests OPEC+ supply cuts may be biting further.
  • For oil bulls the $80/bbl handle is not too far away, while the 200-day EMA is higher at $82.32/bbl.
  • Coming up later is the EIA release of its weekly report on US crude stockpiles.
Energy BulletsCommodities
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