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Brent Crude Falls Through Technical Support Level


Crude trades down through the Brent 50 day EMA support level of 82.08$/bbl with WTI holding just above the support at 77.42$/bbl.

  • Weak demand and concern for a potential further US Fed rate hike and slowdown in US economy is outweighing the short term reduction in supplies.
    • Brent JUN 23 down -1.6% at 81.79$/bbl
    • WTI JUN 23 down -1.8% at 77.83$/bbl
    • Brent JUN 23-JUL 23 down -0.04$/bbl at 0.29$/bbl
    • Brent JUN 23-DEC 23 down -0.19$/bbl at 2.62$/bbl
    • Brent DEC 23-DEC 24 down -0.29$/bbl at 4.32$/bbl

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