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Oil Prices Lower On Risk Off Move

OIL

Oil prices were lower on Monday with Brent down 2.4% to $80.78/bbl and WTI -2.6% to $74.65. Crude recovered from the lows of $78.34 and $72.30 respectively as Fed tightening expectations eased. Oil was weaker following US banking troubles as risk sentiment deteriorated and demand projections were revised given the possible impact on growth. The USD fell 0.7% on lower US yields.

  • WTI’s low of $72.30 now forms initial support and Brent’s at $78.41.
  • On the supply side, Russia is reported to have over 4mn barrels of diesel stored on tankers in the wake of EU sanctions (ANZ). And US President Biden has approved a controversial oil project in northwest Alaska worth $8bn.
  • Later today the OPEC monthly oil report is published and US API inventory data.
Energy BulletsCommodities
Energy BulletsCommodities

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