February 03, 2023 05:19 GMT
Tracking 5.5% Lower For The Week
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Brent crude is close to session lows, last near $82/bbl, while WTI sat around $75.60/bbl. For Brent we remain above Thursday session lows near $81/bbl, but we are still well down for the week, off by 5.5% at this stage. Oil, along with other commodities haven't enjoyed the same risk bounce that equities saw post the Fed.
- Brent is back below all key EMAs, with the 20 and 50 day sitting back between $84-$85/bbl respectively. A break below $80/bbl would leave the market targeting $77.77 (Jan 5 low).
- Some air has come out the China re-opening trade this week, while swelling US crude stockpiles also remains a cap on near term upside.
- Looking ahead, over the weekend the EU's ban on seaborne imports of diesel comes into effect on Sunday, while US Secretary of State Blinken visits China on the same day. Then next week we have the usual weekly US inventory reports.