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WTI Holding Most Gains

OIL

WTI has stabilised after tapering some of its earlier gains but remains up strongly on the day.

  • WTI APR 24 up 2.2% at 79.85$/bbl
  • WTI-Brent up 0.18$/bbl at -4.45$/bbl
  • WTI APR 24-MAY 24 up 0.13$/bbl at 0.87$/bbl
  • WTI MAY 24-JUN 24 up 0.09$/bbl at 0.68$/bbl
  • Crude rose to its highest level since March 1 amid a weakening of the USD and a build in US crude stocks in-line with expectations. Signs of increasing product demand in the EIA data is also likely adding support.
  • The Bloomberg dollar spot index is down 0.4% on the day.
  • The greenback’s weakening came as Federal Reserve Chair Jerome Powell in congressional testimony reiterated the message he delivered in January — that interest-rate cuts are likely this year provided that inflation data continue to show improvement.
  • EIA Weekly US Petroleum Summary - w/w change week ending Mar 01: Crude stocks +1,367 vs Exp +1,720, Implied mogas demand +546, Implied dist demand +538.

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