[MARKET ANALYSIS] Crude benchmarks reverse earlier losses and extend on Monday's gains despite a lack of clear driver
SourceNewswires
Importance
Level 1
- Crude benchmarks started the APAC session on the backfoot, paring back some of Monday's gains before extending higher as the European session gets underway, despite a lack of crude-specific drivers.
- WTI and Brent pulled back to a low of USD 57.85/bbl and USD 61.31/bbl respectively after peaking at USD 58.51/bbl and USD 61.89/bbl in Monday's session. Benchmarks then bid higher pretty aggressively despite a clear explanation for the move, reaching a session high of USD 58.67/bbl and USD 62.14/bbl before pulling back slightly.
- Geopolitics remain in focus following the US strike in Venezuela. US President Trump has hinted that many more strikes are possible in countries like Cuba, Colombia and Mexico.
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