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Late Recovery As USD Down And Hang Seng Rises

OIL

Oil prices traded lower during the day before they turned up again as the Hang Seng and Shanghai stock indices bounced and the USD moderated, making commodities cheaper for foreigners.

  • The WTI is trading at $84.92 +0.4%, just below 20-day MA, and Brent is around $93.50 +0.3%. Oil prices seem range bound as concerns over supply issues counteract expectations of a slowdown in global demand.
  • API weekly crude oil stocks in the US are published tonight for the week of October 21. The previous week saw a drawdown of 1.27mn barrels. A repeat of this would likely bring supply worries to the forefront driving prices higher again.
  • There are signs that Europe’s sanctions on Russian oil are already having an impact before they’re implemented next month. Russian shipments by sea hit a 5-week low in the 7 days to October 21. (ANZ)
Energy BulletsCommodities
Energy BulletsCommodities

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