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WTI, Brent Crude Futures Supported on Geopolitical Tensions, Weaker Greenback

COMMODITIES
  • Commodity markets are seeing decent support from the weaker dollar so far Wednesday, a move which sees USD Index retreat to its lowest levels of the month and near the first key support at the 91.580 50-dma.
  • As a result, WTI and Brent crude futures are higher by near 2% apiece, with further support coming from the ratcheting higher of geopolitical tensions as Russia formally launch military drills in the Black Sea ahead of the arrival of US ships in the region. Today's oil strength has put WTI and Brent crude futures on the best footing since early April, with $62.27 the next hurdle for WTI.
  • Weekly DoE crude oil inventories data is next up. Markets expect a draw of 2.5mln bbls this week.
Energy BulletsCommodities
Energy BulletsCommodities

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