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Rebounds In Line With Broader Risk Appetite

OIL

Brent crude has spent much of the session on the front foot, up +0.77% so far. This is line with a firmer tone to broader risk appetite, led by China related equities. This puts us back above $95.30/bbl, with highs near $95.50/bbl for the session. Broadly, dips remain supported in Brent, although we can't break out of the 50-day ($92.79) to 100-day ($98.22) MA ranges for now. WTI is back above $88.80, +0.75% for the session.

  • Earlier, Reuters reported that the G7 had agreed to a fixed price (rather than floating) when they finalize a price cap for Russia later this month. The UK Treasury stated it won't allow insurance services for oil shipped from Russia unless the price is at or below the cap (when it comes into effect in December).
  • President Biden also reiterated earlier calls for oil/energy companies to invest more in the US or risk paying higher taxes.
  • Elsewhere, Saudi Arabia announced it was lowering a key oil benchmark price for Asia customers for December delivery. The Arab Light grade will be set at $5.45/bbl above the regional benchmark, a 40 cents reduction. A softer demand backdrop for the region is being cited as the driver of this result. oil
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