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COMMODITIES: Crude Edges Lower as Hurricane Beryl Risks Recede

COMMODITIES
  • Crude prices are headed for US close trading lower amid easing concerns of disruption in the USGC due to Hurricane Beryl. Front-month WTI futures are down 1% around $81.50/bbl.
  • A bull cycle in WTI futures remains in play and the latest pullback appears to be a correction. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme.
  • In oil news, the EIA in its July Short Term Energy outlook has marginally decreased its forecast for 2024 global oil demand to 102.9m b/d.
  • Separately, OPEC and its Russia-led allies moved closer to quota compliance in June, cutting crude output by 130k b/d to 40.87m b/d, according to a Platts survey.
  • In precious metals, subdued activity for the greenback post Fed Chair Powell’s semi-annual testimony to congress kept the daily adjustment for both gold and silver very minimal.
  • Gold traded higher last week and the yellow metal has pierced resistance at $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break would be a bullish development and open the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2326.3.
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