The May Brent futures contract has experienced a mixed afternoon, rallying up from $83.01/bbl at 12:30 GMT, before seeing rejection at resistance levels around $84/bbl come 14:30 GMT and subsequently correcting downwards to trade at $82.75/bbl at the time of writing (17:20 GMT).
The OPEC+ decision to maintain current supply tightness, with oil supply cuts being extended for a further 3 months, coupled with optimism over possible declines in U.S. interest rates have provided sources of support for flat price.
However, bearish headlines have also been seen, most notably a call from US Vice President Kamala Harris on Sunday for the Hamas to agree to a prolonged ceasefire of around 6 weeks. These comments represent some of the strongest made by a senior US official regarding the Israel-Hamas conflict.
Trafigura has announced an agreement to acquire Greenergy’s European business for an undisclosed sum.
The front and 6 months spreads are at $0.81/bbl and $4.10/bbl respectively.
