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Commodities Under Pressure


Crude futures are lower in Asia; WTI is down $1.10 from settlement at $72.85/bbl, Brent is down $1.21 at $74.20/bbl. There is still some way to go to support for WTI at $69.86 the 50-day EMA and $71.62 the 50-day EMA in Brent. Though most equity markets in Asia are in positive territory PMI data has generally showed slowing activity including Caixin manufacturing PMI from China while concerns linger about a pickup in the number of coronavirus cases across the region. A slightly stronger USD could also be keeping a lid on oil. Elsewhere there are tensions between the US and Iran after the US formally blamed Iran for an attack on an oil tanker linked to Israel, warning an appropriate response would be forthcoming.

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