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Another Mixed Session For Oil, Little Changed On Week To Date

COMMODITIES
  • Crude oil has again seen a mixed session, with WTI eking out gains but Brent slightly lower on the day.
  • Saudi Arabia’s oil minister defended the OPEC+ decision to cut production and criticised the release of emergency inventories, Valero’s CEO sees global oil demand growing even through recession, said a proposed fuel export ban wouldn’t have the aimed effect and the company would take more SPR barrels if released, whilst Rosneft has issued a tender to sell six cargoes of Sokol crude for loading in Nov to early Dec in a sign that output from the Sakhalin-1 project may be recovering.
  • WTI is +0.5% at $84.97 having kept within technical ranges with resistance at $87.14 (Oct 20 high) and support at $81.30 (Oct 18 low).
  • Brent is -0.2% at $93.05, with resistance seen at $95.17 (Oct 12 high) and support at $91.00 (Oct 21 low).
  • Gold is +0.25% at $1653.91, off support at $1670.5 (Oct 24 high) whilst support remains the bear trigger of $1615 (Sep 28 low).
Energy BulletsCommodities
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