Snapshot: Brent is trading around $105.92, up 3.3% on the session, fuelled by supply concerns as global oil inventories decline. Analysts suggest gasoline, diesel, and jet fuel prices are set to rise in the coming weeks. The UK’s weak retail sales data showing drivers cutting back on fuel also highlights underlying demand fragility.
- Watch for the 10:00 ET Revised UoM Consumer Sentiment release for further clues on US demand.
- Geopolitical risks surrounding Iran continue to loom, creating volatility despite tentative US diplomatic efforts.
Bias into NY: The bias is bullish above $105, driven by tightening supply and geopolitical tensions, with a potential test of $107 if consumer sentiment data is supportive.