April 26, 2024 04:19 GMT
Slightly Above Thursday Highs, Tracking Up For The Week
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Brent crude has largely tracked sideways in the first part of Friday dealing. We were last around $89.35/bbl in terms of the front month contract, leaving us around 0.40% firmer versus end Thursday levels. This follows Thursday's +1.10% gain. WTI front month was last around $83.85/bbl. Both benchmarks are tracking higher for the week at this stage.
- Thursday's rally was aided by a USD pull back, with oil markets not too concerned around higher US yields. Nor did the weaker than expected US Q1 GDP figures.
- Reported lower US inventories from earlier in the week, coupled with timespreads, continue to point to a tight market, and offsetting demand/monetary policy concerns.
- In terms of technicals for the WTI, futures have recovered from their recent lows and price remains above key short-term support at $81.03, the 50-day EMA. On the upside, key resistance and the bull trigger has been defined at $86.97, the Apr 12 high.
- We have the US PCE Core Deflator latest in US trade, while Tuesday next week delivers the China official PMI update.
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