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Brent Falls Further on Iran Hope and China Data

OIL

Brent extends losses after weak Chinese data and hope for an Iran nuclear deal

  • Iran said that the basis exists for a nuclear deal “in the very near future” if Iran gets guarantees and they will inform EU of its response to the text tonight.
  • Brent time spreads are following the flat price move lower with 1-2 the lowest since April and Dec-Dec the lowest since Feb.
  • Next Brent technical support is at 92.78$/bbl and WTI supportat 87.01$/bbl
  • Brent OCT 22 down -4.7% at 93.56$/bbl
  • WTI SEP 22 down -4.6% at 87.84$/bbl
  • WTI-Brent up 0.42$/bbl at -6.3$/bbl
  • Brent OCT 22-NOV 22 down -0.27$/bbl at 0.98$/bbl
  • Brent DEC 22-DEC 23 down -1.25$/bbl at 6.69$/bbl
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Brent extends losses after weak Chinese data and hope for an Iran nuclear deal

  • Iran said that the basis exists for a nuclear deal “in the very near future” if Iran gets guarantees and they will inform EU of its response to the text tonight.
  • Brent time spreads are following the flat price move lower with 1-2 the lowest since April and Dec-Dec the lowest since Feb.
  • Next Brent technical support is at 92.78$/bbl and WTI supportat 87.01$/bbl
  • Brent OCT 22 down -4.7% at 93.56$/bbl
  • WTI SEP 22 down -4.6% at 87.84$/bbl
  • WTI-Brent up 0.42$/bbl at -6.3$/bbl
  • Brent OCT 22-NOV 22 down -0.27$/bbl at 0.98$/bbl
  • Brent DEC 22-DEC 23 down -1.25$/bbl at 6.69$/bbl