Correction Continued On Thursday

Oil prices remained on the back foot through Thursday's session. Brent crude lost another 2%, following Wednesday's 5.6% loss. We closed in NY trade near $84/bbl, although dips below this level were supported. WTI got close to $82/bbl, but sits slightly higher now, last around $82.65/bbl, slightly firmer in eaqrly Friday dealings. This benchmark has dropped by a similar amount to Brent in the last few sessions.

• A variety of factors were cited for the recent weakness in crude - demand concerns evident in this week's EIA release, expectations of economic weakness and relentless CTA selling have variously been cited as the driver of oil's decline.
• The supply side still appears pressured though, with voluntary production cuts by Saudi Arabia and Russia expected to remain in place to year end, while Saudi Arabia increased oil prices for November delivery to Asia customers (see this BBG link for more details).
• For Brent, we have slumped back through all key EMAs. The 200-day is nearby at $84.87/bbl. Late August lows just under $82/bbl may be eyed as the next downside target if the recent correction persists.