[MARKET ANALYSIS] Crude pares back some of Thursday's gains as Trump cancels a second wave of attacks in Venezuela
Importance
Level 1
- Following Thursday’s bid higher, which saw WTI Feb return above USD 58/bbl and Brent Mar briefly topping beyond USD 62/bbl, benchmarks have fallen back lower at the start of Friday’s European session.
- The pullback comes amid a firmer USD heading into NFP, also aided slightly following a Truth Social post by President Trump stating that a second wave of attacks in Venezuela have been cancelled and that at least USD 100bln will be invested in big oil.
- WTI and Brent extended the lower bound of APAC’s USD 0.55/bbl range to trough at USD 57.62/bbl and USD 61.83/bbl respectively before rebounding to USD 58/bbl and USD 62.20/bbl.
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