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Oil Firms Further With OPEC Supply Reductions And Potential China Support

COMMODITIES
  • Crude oil firmed in the second half of the session with OPEC supply reductions and potential China economic support offsetting concerns for a US recession ahead of the expected Fed rate hike this week.
  • Russia’s seaborne crude flows from Baltic and Black Sea ports slumped to the lowest in seven months according to Bloomberg vessel tracking as cuts finally filter through.
  • The EU has no plans to raise the Russian oil price cap from $60/b, despite Russian crude prices crossing that threshold, according to Energy Intelligence.
  • WTI is +1.0% at $79.55 off a high of $79.90 that cleared yesterday’s high to open next resistance at $80.05 (Apr 18 high) before a key resistance at $81.44 (Apr 12 high).
  • Brent is +1.0% at $83.57, off a high of $83.87 that cleared yesterday’s high to open $83.77 (Apr 19 high) before a key resistance at $85.47 (Apr 12/13 highs).
  • Gold is +0.5% at $1964.18, helped by a softer USD offsetting the impact from higher Treasury yields, pushing closer to the bull trigger at $1987.5 (Jul 20 high).
Energy BulletsCommodities
Energy BulletsCommodities

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