OIL: Crude Recovers Slightly After Fall to Lowest Since Mid March

Crude futures and time spreads rebound slightly after front month Brent fell to the lowest since March 13 at $82.51/bbl as geopolitical risk premium reduces amid ongoing Israel-Hamas ceasefire talks.  

• Indirect ceasefire negotiations between Israel and Hamas are set to resume today following the Netanyahu government rejection of the Egyptian and Qatari-brokered deal that had the backing of Hamas on 6 May.
• Weak fuel demand and concern for high for longer US Fed rates are also weighing on prices.
• On the supply side, higher US crude oil inventories are helping to offset the impact of tighter supplies due to OPEC+ cuts, which many analysts expect could be extended beyond June.
• Technical analysis shows a bearish theme remains intact with next Brent support at $82.32/bbl.
  • Brent JUL 24 down 0.5% at 82.88$/bbl
  • WTI JUN 24 down 0.5% at 78.05$/bbl
  • Brent JUL 24-AUG 24 down 0.07$/bbl at 0.42$/bbl
  • Brent DEC 24-DEC 25 down 0.05$/bbl at 4.23$/bbl
  • WTI JUN 24-JUL 24 down 0.05$/bbl at 0.29$/bbl
  • WTI JUN 24-DEC 24 down 0.15$/bbl at 2.49$/bbl