Brent Tests USD 70 Again Yet Large Crude Build Caps Upside

Brent crude is testing the $70/bl level but faces resistance from a large 8.5 million barrel build in US crude stocks and signals of potential US-Iran de-escalation.

Key Takeaways

• 1.Brent crude is hovering around $70/bl, facing downward pressure from a significant build in US inventories and easing geopolitical risk.
• 2.US commercial crude inventories rose by 8.5 million barrels last week, though total petroleum inventories fell due to product draws.
• 3.Geopolitical risk premium is being trimmed as markets eye potential negotiated solutions between the US and Iran.

Table of Contents

• Crude oil comment
• Brent tests USD 70 again, yet large crude build caps upside

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