OIL: Broader Risk-Negative Impulse Continues To Weigh In Asia

The risk-negative tone surrounding the U.S. banking sector applied further pressure to crude oil futures in Asia-Pac dealing, with Brent & WTI trading ~$0.50 softer apiece as a result. This builds on the weakness that was inspired by signs of more meaningful Fed tightening earlier in the week.

• Elsewhere, Russian oil export matters continue to catch the eye, with the FT reporting that “the US has privately urged some of the world’s largest commodity traders to shed concerns over shipping price-capped Russian oil, in a bid to keep supplies stable and regain some oversight of Moscow’s exports.”
• Friday’s NFP report and any developments in the banking sector will set the broader risk tone ahead of the weekend.