Oil Summary at European Close: Crude Pressured by Rising Greenback

Crude markets have extended their pull back today amid a sharp recovery in the greenback, with the USD spot index up 0.43% on the day. This will put pressure on crude import prices for non-US importers.

• Brent MAY 24 down 0.6% at 85.46$/bbl
• WTI MAY 24 down 0.6% at 80.76$/bbl
• Global oil demand so far this year has exceeded 2023 levels by 1.5mbpd, JP Morgan said in a note.
• The next few weeks will be crucial to finding out the start date of Canada's TMX Pipeline according to Trans Mountain’s Chief Financial and Strategy Officer Mark Maki.
• Two people close to the Venezuela’s opposition candidate Maria Corina Machado were arrested this week, further complicating a narrowing chance of US energy sanctions being extended from April.
• PetroChina's Guangdong Petrochemical complex in the southern Guangdong province will receive its first Venezuelan Merey crude cargo around 23 March, a source told S&P Commodity Insights.
• Growing markets in the East will be able to “absorb” Russian oil supply as it relies on those markets as an outlet longer term according to Russian Foreign Minister Sergey Lavrov.
• Angola is producing around 1.1mn bpd of crude at present – similar to its levels before leaving the OPEC alliance.
• Crude Exports from three major Russian ports on the Baltic and Black Sea look set to increase to 2.03m b/d in March, according to Bloomberg.
• Libyan crude oil production reached 1.241mbpd in the past 24 hours, while condensate output reached 46kbpd, NOC said via X.