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Middle East Tensions Override USD Headwind For Crude, But Not Gold

COMMODITIES
  • Crude markets found further support today, despite higher-than-expected US CPI data and the resultant USD bid. Continued Middle East tensions amid little hope for a ceasefire in Gaza, coupled with a stable OPEC demand outlooks have added support. The crude time spreads have also rallied on the day after yesterday’s narrowing.
  • OPEC maintained its oil demand growth forecast for 2024 and 2025 steady on the month according to the latest OPEC Monthly Oil Market Report.
  • Global oil demand is expected to grow slower this year by 1.2-1.3mbpd this year, IEA Executive Director, Fatih Birol, said to Bloomberg.
  • The number of tankers that have diverted around southern Africa continues to rise as shippers look to avoid the Red Sea, according to Oil Brokerage.
  • WTI is +1.1% at $77.77, with an earlier high of $78.47 clearing $78.14 (Jan 30 high) to open key resistance at $79.29 (Jan 29 high).
  • Brent is +0.8% at $82.68, with an earlier high of $83.24 clearing support at $82.86 (Jan 30 high) to open key resistance at $84.17 (Jan 29 high).
  • Gold is -1.4% at $1992.44, slumping on the US CPI report to breach a key short-term support at $2001.9 (Jan 17 low) with next firm support seen at $1973.2 (Dec 13 low).
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