Snapshot: Brent crude is trading near $107 after recovering some ground from recent losses. The UK’s proposed tax increases on global oil giants, designed to offset VAT cuts on domestic leisure, add a layer of complexity to supply dynamics.
- The UK’s fiscal shift creates uncertainty around North Sea production incentives.
- Watch for volatility around the 08:30 ET Philly Fed print and Unemployment Claims data.
Bias into NY: Neutral, with a slight bearish lean below $108. The UK’s fiscal measures are a potential headwind, but positive risk sentiment could offset some of that pressure. A break of 4.70% on 10Y yields would see upside.