Slightly Off Thursday Highs, Biden Urges Pause In Fighting In Gaza

Brent crude is a touch lower in the first part of Friday dealing's, but has largely tracked sideways. The front month contract was last near $81.55/bbl, sit close to Thursday highs near $82/bbl. We are tracking up strongly for the past week, +5.5%. Front month WTI is up by a similar amount for the week, last tracking near $76.20/bbl.

• US President Biden stated in a White House press conference that Gaza carnage has been 'over the top' and urged for a pause in fighting (see this BBG link).
• This follows earlier comments by Israeli PM Netanyahu, which appeared to pour cold water on a ceasefire, telling reporters that Israel, "will not suffice with less," than a decisive victory in their war against Hamas.
• This is keeping Middle East tensions elevated and was a key driver of oil's strong gain in Thursday trade.
• Focus for Brent is likely to rest on $84.17/bbl (Jan 29 high), also note current levels are just below the simple 200-day MA (near $81.75/bbl).