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Brent Consolidates Above $80/bbl

OIL

Brent crude has spent most of the session pushing higher. We were last in the $80.40/45/bbl region, with highs at $80.54/bbl, against an earlier low near $80/bbl. This puts us +0.40% higher for the session and follows Wednesday's aggregate gain of 0.89%. At this stage, Brent is tracking comfortably higher for the week. WTI is currently at $76/bbl, which is +0.34% firmer for the session.

  • The technical back drop looks positive for oil, as Brent consolidates gains above the $80/bbl level. Late April highs just above $83/bbl may present as the next upside target, although the 200-day EMA around $82.30/bbl has to be cleared first.
  • China June trade data showed solid y/y gains for crude oil (+11.7% and oil product (+44.7%) imports in volume terms. This may help sentiment at the margin.
  • Looking ahead we have the IEA and OPEC oil market reports on tap.
Energy BulletsCommodities
Energy BulletsCommodities

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