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INCHING HIGHER

OIL

Having given up yesterday's gain, oil is back on the front foot this morning.

  • Brent crude has traded up to USD44.95/b from a morning low of USD44.49/bbl while WTI has similarly inched up to USD41.97/b from USD41.53/b.
  • Expectations of additional US fiscal support, a possible improvement in the trajectory of the coronavirus in the US, Russia's announcement yesterday that it has registered a Covid vaccine, and Saudi Aramco's posisitive assessment of the global demand outlook have all spurred on the oil rally.
  • That is little of note in today's economic data slate, with US CPI data for July being the main focus later today. Unless there is a significant surprise/miss, the data is unlikely to move the meter in the oil market.
Energy BulletsCommodities
Energy BulletsCommodities

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