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WTI Climbs to New Intraday High

OIL

WTI has shrugged off earlier losses to climb to a new intraday high of $78.86/b during US hours, in what has been quite a see-saw session for crude.

  • WTI JUL 24 up 0.2% at 78.69$/bbl
  • Support remains from lower-than-expected US PPI data, Hezbollah’s threats of further Middle East escalation, and Russian vowing to compensate for overproduction which could further taper supply.
  • May PPI -0.2% M/M (0.1% expected); core PPI (ex food/energy/trade) 0% (0.3% expected)
  • An earlier fall in crude was driven by a recovery in the US dollar strength, yet this is now being offset by the aforementioned bullish factors.
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