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A Little Softer On Demand & Supply Factors

OIL

WTI and Brent crude futures are ~$0.50 lower on the day, giving back some of yesterday’s rally.

  • Our commodities team notes that soft China refining data and weaker global demand expectations are limiting upside moves in crude at present, although the technical backdrop has turned more bullish.
  • Elsewhere, signs of the impending return of Libyan supply are also noted.
  • Initial technical levels in WTI: Support: Aug 8/5 lows and the bear trigger ($74.60/71.67) Resistance: 76.4% retracement of the Jul 5-Aug 5 low ($80.77)
  • Initial technical levels in Brent: Support: Aug 9 low ($78.77) Resistance: Aug 12 high ($82.40)
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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