November 27, 2024 15:17 GMT
OIL: Crude Eases Back Down Ahead of US Inventory Data
OIL
Crude front month is easing back from earlier gains ahead of updated US oil inventory data. Weakness in the US dollar has added to support for crude prices today although the US index has rallied slightly following the US PCE data. (BBDXY currently -0.43%)
- US core PCE inflation: 0.273 % M/M (cons 0.3, 0.28% unrounded) in October.
- Crude markets are weighing a lower risk premium due to the Israel / Hezbollah ceasefire with support from growing expectation that OPEC+ will delay a planned production increase for early next year.
- Focus is also on the latest US stocks data due out shortly after a building crude stock trend since late September.
- Technicals show a short-term bearish condition in Brent futures remains intact with support at $69.68/bbl, the Oct 1 low, and $68.01/bbl, the Sep 10 low and a key support. Key resistance is at $80.55/bbl, the Oct 7 high.
- Brent JAN 25 up 0.3% at 73.04$/bbl
- WTI JAN 25 up 0.3% at 69$/bbl
- Brent JAN 25-FEB 25 down 0.01$/bbl at 0.48$/bbl
- Brent JUN 25-DEC 25 up 0.04$/bbl at 1$/bbl
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