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OIL: Crude Steady As Lebanon Truce Due To Take Effect

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Oil prices are little changed after falling sharply on Monday following news of an imminent Israel/Hezbollah ceasefire. The 60-day truce has been agreed and will take effect from 4am local time (2am GMT). The stronger US dollar has also weighed on oil prices recently and the index rose another 0.2% yesterday on higher US tariffs. 

  • WTI is flat at $68.96 after a low of $68.05 which followed a high of $70.30. The benchmark is only 0.2% higher this month. A bearish theme remains intact with initial support at $66.32, October 29 low, and the bear trigger at $63.90. Initial resistance is at $72.41, November 7 high.
  • Brent is slightly lower at $72.98 after approaching $72.00. It rose to a high of $74.36 earlier. Initial support is at $70.28 with resistance at $76.24.
  • During the 60-day truce Israel will leave southern Lebanon and Hezbollah will remove its presence in the area with the Lebanese army replacing it. Israel has said it will now focus on the “Iranian threat”. It struck an Iranian-backed site in Syria today. Risks to Iran remain the largest threat to oil markets.
  • US President Biden also said that the US “remains prepared to conclude” deals with Saudi Arabia on security and “economic assurance”.
  • Bloomberg reported a significant 5.9mn US crude inventory drawdown last week, according to people familiar with the API data. Stocks at Cushing fell 700k, while products rose with gasoline up 1.8mn and distillate 2.5mn. The official EIA data is out later today.
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Oil prices are little changed after falling sharply on Monday following news of an imminent Israel/Hezbollah ceasefire. The 60-day truce has been agreed and will take effect from 4am local time (2am GMT). The stronger US dollar has also weighed on oil prices recently and the index rose another 0.2% yesterday on higher US tariffs. 

  • WTI is flat at $68.96 after a low of $68.05 which followed a high of $70.30. The benchmark is only 0.2% higher this month. A bearish theme remains intact with initial support at $66.32, October 29 low, and the bear trigger at $63.90. Initial resistance is at $72.41, November 7 high.
  • Brent is slightly lower at $72.98 after approaching $72.00. It rose to a high of $74.36 earlier. Initial support is at $70.28 with resistance at $76.24.
  • During the 60-day truce Israel will leave southern Lebanon and Hezbollah will remove its presence in the area with the Lebanese army replacing it. Israel has said it will now focus on the “Iranian threat”. It struck an Iranian-backed site in Syria today. Risks to Iran remain the largest threat to oil markets.
  • US President Biden also said that the US “remains prepared to conclude” deals with Saudi Arabia on security and “economic assurance”.
  • Bloomberg reported a significant 5.9mn US crude inventory drawdown last week, according to people familiar with the API data. Stocks at Cushing fell 700k, while products rose with gasoline up 1.8mn and distillate 2.5mn. The official EIA data is out later today.