Stabilizes Further, But Still Tracking For Large Weekly Loss

Oil sentiment has continued to stabilize/improve through today's session. For Brent we are back around the $75.50/bbl level, which is +1% higher for the session. This builds on Thursday's +1.37% gain, although only unwinds a portion of losses from earlier in the week. Brent is still tracking nearly 9% weaker for the week. WTI is off by slightly more, last down by around 10% for the week, just above the $69/bbl level.

• In terms of Brent levels, support is clearly evident around the $72/bbl or a touch below this level, which we bottomed out on two occasions in recent sessions. On the topside though, the 20-day EMA is still some distance away at $81.25/bbl.
• Outside of broader risk sentiment shifts, which have turned more positive heading into the weekend, supply developments will also be eyed. Oil sentiment stabilized post reports of OPEC+ chiefs from Saudi Arabia and Russia meeting in Riyadh yesterday. Note that the next scheduled meeting for the OPEC+ group is April 3.
• Elsewhere, an advisor to US President Biden stated the US won't rush to refill the SPR.
• Next week outside of the usual weekly inventory numbers we have the FT Commodities Global summit (which runs from Mon-Wed), but most focus is likely to rest on the Fed's decision, out on Wed.