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OIL: Off Lows, But Still Over $1 Weaker On Supply & Ceasefire Headlines

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The major oil benchmarks are still more than $1.00 lower on the day, with signs of progress towards an Israeli-Hezbollah ceasefire paring back some of the escalatory geopolitical risk.

  • Elsewhere, FT sources have suggested that “Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, in a sign that the kingdom is resigned to a period of lower oil prices.” This weighed on crude during Asia-Pac hours.
  • A reminder that the prospect of increased supply from Libya already weighed on crude during the second half of Wednesday trade.
  • Note that both Brent and WTI have bounced by more than $1 after piercing initial support levels.
  • Brent back above $72.00, while WTI has reclaimed $68.00.
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The major oil benchmarks are still more than $1.00 lower on the day, with signs of progress towards an Israeli-Hezbollah ceasefire paring back some of the escalatory geopolitical risk.

  • Elsewhere, FT sources have suggested that “Saudi Arabia is ready to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output, in a sign that the kingdom is resigned to a period of lower oil prices.” This weighed on crude during Asia-Pac hours.
  • A reminder that the prospect of increased supply from Libya already weighed on crude during the second half of Wednesday trade.
  • Note that both Brent and WTI have bounced by more than $1 after piercing initial support levels.
  • Brent back above $72.00, while WTI has reclaimed $68.00.