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MTECHTIPS;-Oil Rises After Early Slide on Weak U.S. Data

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MTECHTIPS;-Oil Rises After Early Slide on Weak U.S. Data

 

MTECHTIPS-Oil bears may have to wait for more dire news on the U.S. economy or crude oversupply as a puzzling surge in market optimism is offsetting all the bad news. Futures of New York-traded West Texas Intermediate crude and London’s Brent oil rose more than 1% for a third day in a row after briefly falling Thursday on weak U.S. retail sales data. Saudi jawboning about production cuts and optimism over U.S.-China trade talks helped gains in the two prior sessions. WTI settled the latest session up 51 cents, or 1%, at $54.33 per barrel. Brent, the global oil benchmark, rose $1.03, or 1.6%, to $64.64 per barrel by 2:44 PM ET (19:44 GMT). It also edged toward a test of the key $65 resistance, hitting an intraday high of $64.81. Both WTI and Brent are up more than 19% year to date. The London benchmark is also trading at its highest premium to its U.S. rival since 2017, at a gap of more than $10. “Overall, it appears to me that the ‘lows have changed’ ” said Scott Shelton, energy futures broker at ICAP (LON:NXGN) in Durham, N.C., adding that while there was no real event driving the market “prices are just strong”. “Asian crude is driving this market,” said Shelton, who notes that backwardation in Brent — where front-month prices were positively higher to the second month — was steepening amid strengthening in global refining margins. “I would also think the downward momentum of prices ending is adding some additional support for (hedge fund) buying

 



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