[MARKET ANALYSIS] WTI and Brent nears USD 65 and 70/bbl respectively as Trump mulls sending another carrier near Iran
Importance
Level 1
- Crude benchmarks have steadily moved higher as the European session gets underway, with traders digesting a report by Axios quoting President Trump saying that he might send a second carrier to strike Iran if talks fail, pushing aside the larger-than-expected US private inventory build.
- WTI and Brent rebounded from a trough of USD 63.65/bbl and USD 68.49/bbl respectively in the later hours of Tuesday's trading session, and oscillated in a tight c. USD 0.50/bbl range during the APAC session, with WTI nearing USD 65/bbl to the upside.
- On US-Iran talks, Iran's Foreign Minister Araqchi recently said that a date for the next round of US negotiations has not been set and that they are ready for dialogue on the level of enrichment.
- Later today, the OPEC MOMR is set to be released, although a set time has not been determined yet. The EIA released their respective monthly oil report, leaving the world oil demand unchanged from the prior report.
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