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Oil Steady During Asia Friday Session, Tracking Lower For The Week

OIL
  • Oil paired back earlier gains in the week as US economic data showed concerns as to the pace of the slowdown in the US economy were enough to offset concerns as to supply given rising Middle East Tensions.
  • Reports stated that President Biden reiterated support for Israel in the face of escalating tensions in the Middle East region, promising ‘New Defensive US Military Deployments’ per BBG.
  • WTI fell to $76.24 post the US data release on Thursday. We sit slightly higher at $76.90, in the Friday's Asian afternoon session. Brent moved marginally higher during Asian trading to $80.11.
  • Both benchmarks are tracking lower for the week. More so Brent, off close to 1.3%
  • OPEC advised overnight that they do not intend to change output targets, targeting adding approximately 500,000 barrels a day to production over the fourth quarter. This should offset supply concerns should Middle East tensions worsen.
  • With US and Asian data softening and Middle East tensions rising, oil will have dual forces driving its outcome in the coming days.
  • For the week ahead, Saudi Arabia’s official selling prices for September, will be released Monday.
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