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Oil Slipping Friday on US Rate Pessimism and China Headlines

OIL

Crude struggles to hold earlier gains as it slips further Friday. Initial choppy trading was sparked earlier as Fed Williams poured cold water on US rate cuts. Optimism around US rate cuts following Powell’s remarks Wednesday had helped to spark a rally in crude this week supported by dollar weakness.

  • Further dips in crude appear to have triggered shortly after the following headline Friday: *CHINA DETECTS 7 PEOPLE INFECTED WITH NEW COVID VARIANT JN.1 – BBG
  • Maersk containers are the first major announcement of ships avoiding the Red Sea but no indications yet of energy trade impacted according to Kpler.
  • Red Sea price premiums may have already priced in over recent days due to prior headlines after numerous attacks.
  • Prior to this week’s midweek price rally, strong non-OPEC supply and a lack of cohesion itself in OPEC+ has weighed on markets along with weakness out of China.
  • Brent FEB 24 down -0.9% at 75.89$/bbl
  • WTI JAN 24 down -1% at 70.89$/bbl
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