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WTI Falls Back into Losses on the Day

OIL

Crude Has Reversed an Earlier Rebound to be in Losses on the day, pressured by above-average US stock build and a steep rise in the USD after a higher CPI figure.

  • WTI MAY 24 down 0.3% at 84.96$/bbl
  • MNI: US MAR CPI 0.4%, CORE 0.4%; CPI Y/Y 3.5%, CORE Y/Y 3.8%
  • The Bloomberg dollar spot index is up 0.8% on the day to 1250.69
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 05: Crude stocks +5,841 vs Exp +688,
  • Limiting downside are the constricted supply coming from OPEC+ and the geopolitical tensions in the Middle East, where a lack of progress on a ceasefire in Gaza keeps regional tensions high.
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Crude Has Reversed an Earlier Rebound to be in Losses on the day, pressured by above-average US stock build and a steep rise in the USD after a higher CPI figure.

  • WTI MAY 24 down 0.3% at 84.96$/bbl
  • MNI: US MAR CPI 0.4%, CORE 0.4%; CPI Y/Y 3.5%, CORE Y/Y 3.8%
  • The Bloomberg dollar spot index is up 0.8% on the day to 1250.69
  • EIA Weekly US Petroleum Summary - w/w change week ending Apr 05: Crude stocks +5,841 vs Exp +688,
  • Limiting downside are the constricted supply coming from OPEC+ and the geopolitical tensions in the Middle East, where a lack of progress on a ceasefire in Gaza keeps regional tensions high.