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Consolidates Ahead Of NFP, Tracking Sharply Down For The Week

OIL

Oil prices have tracked relatively tight ranges in the first part of Friday trade. Brent last near $84.30, after a modest move higher to $84.63/bbl earlier.

  • Support was evident in NY trade on dips sub $84/bbl during Thursday trade, but we haven't tested this support point again. At this stage, Brent is tracking 11.5% weaker for the week, with today's modest +0.30% gain on pairing these losses modestly.
  • For WTI we got near $83/bbl in early trade, but we sit back at $82.55/bbl in latest dealings. The benchmark contract is -9% down for the week.
  • There has been little in the way of fresh macro news on the oil front today. Broadly steady trends in the USD and US rates ahead of the up coming payrolls print, could be keeping trading interest light today.
  • For Brent, a break sub $84/bbl could see late August lows near $82/bbl targeted.

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