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Oil End of Day Summary: Oil Gains Capped by Dollar Strength and Dampened Fed Cut Optimism

OIL
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Oil prices have gained slightly on Friday, supporting an overall crude recovery this week driven on supply/demand fundamentals while a Middle East instability premium lingers, and Ukraine drone strikes continue on Russian infrastructure.

  • Brent JUN 24 up 0.6% at 89.51$/bbl
  • WTI JUN 24 up 0.4% at 83.9$/bbl
  • Capping any upside for oil was a rise in the US dollar and economic data out of the US limiting optimism towards the pace of US Fed rate cuts this year.
  • Israel stepped up air strikes on Rafah after saying it would evacuate civilians from city in southern Gaza and launch an all-out assault despite allies' warnings doing so could cause mass casualties.
  • SECURITY: Israel: Last Chance To Secure Hostage Deal Before Rafah Invasion, Axios
  • Direct confrontation between Iran and Israel has eased this week, leaving crude prices short of their levels earlier this month.
  • TankerTrackers has observed 16mn bbls of Iranian oil undergoing ship-to-ship transfer off China Friday highlighting the impact oil markets would face if Iranian flows came under threat by war or sanctions.
  • The Canada Energy Regulator (CER) has six leave to open applications left for consideration for the TMX expansion project according to a CER spokesperson. The project is set to start May 1.
  • Indian refiner Reliance is reported to be purchasing Canadian barrels from TMX to replace Venezuelan barrels hit by US sanctions this month.
  • *US OIL RIG COUNT DOWN 5 TO 506 - BAKER HUGHES SAYS
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Oil prices have gained slightly on Friday, supporting an overall crude recovery this week driven on supply/demand fundamentals while a Middle East instability premium lingers, and Ukraine drone strikes continue on Russian infrastructure.

  • Brent JUN 24 up 0.6% at 89.51$/bbl
  • WTI JUN 24 up 0.4% at 83.9$/bbl
  • Capping any upside for oil was a rise in the US dollar and economic data out of the US limiting optimism towards the pace of US Fed rate cuts this year.
  • Israel stepped up air strikes on Rafah after saying it would evacuate civilians from city in southern Gaza and launch an all-out assault despite allies' warnings doing so could cause mass casualties.
  • SECURITY: Israel: Last Chance To Secure Hostage Deal Before Rafah Invasion, Axios
  • Direct confrontation between Iran and Israel has eased this week, leaving crude prices short of their levels earlier this month.
  • TankerTrackers has observed 16mn bbls of Iranian oil undergoing ship-to-ship transfer off China Friday highlighting the impact oil markets would face if Iranian flows came under threat by war or sanctions.
  • The Canada Energy Regulator (CER) has six leave to open applications left for consideration for the TMX expansion project according to a CER spokesperson. The project is set to start May 1.
  • Indian refiner Reliance is reported to be purchasing Canadian barrels from TMX to replace Venezuelan barrels hit by US sanctions this month.
  • *US OIL RIG COUNT DOWN 5 TO 506 - BAKER HUGHES SAYS