We take a look at oil prices and the drivers behind brent crude and WTI crude
Oil Prices: The brent crude oil price (May) is over a percent lower on yesterday at 121.32.
The brent crude oil price has recovered somewhat over the course of European trade, the May contract is 0.25 pct up at 122.69.
The US oil inventory surplus (excluding the estimated ‘other oils’ category) is now completely gone at -1.1 mb.
Unless macroeconomic fears lift decisively, the upside above $120 seems limited currently.
Oil prices are weaker today, and Standard Chartered believe further weakness is possible.