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Largely Holding Wednesday's Impressive Gains

OIL

Brent crude is not too far away from Wednesday session highs, holding close to $83/bbl currently. We found early selling interest on the move above $83/bbl but oil has largely held onto impressive gains from yesterday's session. Having cleared the 20-day EMA of $81.59, the next upside target is $83.68 (50-day EMA). WTI is just near $77.50 currently.

  • The sharp rise in oil inventories, reported in the US session, did little to dampen sentiment. The API data from Tuesday already hinted at the outcome, while weather related disruptions were also reportedly a factor, which may have limited the impact of release.
  • Oil may also be playing some catch up to other commodities in terms of renewed optimism around the China demand outlook. Goldman's stated Brent could reach $110/bbl by Q3 if China fully moves away from Covid related restrictions.
  • Focus shifts to the US CPI print due later.
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