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Oil Rally Continues, Today’s Fed Meeting Key

OIL

Signs of lower production and potential support for China’s economy have continued to boost oil prices. They rose another 0.7% on Tuesday with WTI approaching $80/bbl. WTI is currently around $79.30/bbl with Brent closing at $83.29. The USD index fell 0.1%.

  • WTI reached an intraday high of $79.90, which cleared resistance to open $80.05 (April 18 high), after a low of $78.29. This was the highest since mid April. Key resistance is at $81.44, April 12 high. Brent rose to a high of $83.87 and key resistance is now at $85.47. The Fed decision is announced later today and hawkish comments risk the recent gains in crude.
  • Russia appears to be following through on its commitment to reduce output with shipments from its Baltic and Black Sea ports at a 7 month low, according to Bloomberg vessel tracking data.
  • Bloomberg is reporting that API US crude inventories rose 1.319mn in the latest week, according to those familiar with the data. Gasoline stocks fell 1.04mn, given increased seasonal demand and refining outages, but distillate rose 1.61mn. Official EIA data is released later today.
Energy BulletsCommodities
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