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Crude Continues Sell Off, Waiting For Gaza Ceasefire News

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Oil prices continued to decline and are now down almost 5% this month as hopes for a Gaza ceasefire deal remain alive and worries over the demand outlook persist. Softer equities also pressured crude, while the weaker US dollar failed to provide support with the USD index down another 0.2% ahead of the Jackson Hole Symposium starting Thursday.

  • WTI fell 0.8% to $73.09/bbl following a low of $72.54 to be down 4.9% in August. It is currently trading slightly higher at $73.13/bbl. This month’s weakness has undermined the bullish theme with initial support and bear trigger at $71.67. Initial resistance is at $76.94, 20-day EMA, and key resistance at $80.16.
  • Brent is down 0.6% to $77.16/bbl and is now 4.6% lower this month, but is off the intraday low of $76.55 reached during the European session. The bullish theme has been undermined and key support is at $75.05 with key resistance at $82.40.
  • Israel agreed to the US’ “bridging proposal” to a Gaza ceasefire with the technical details to be worked out later, Hamas has said publicly it won’t agree and reports today are suggesting that a deal is close to crumbling, according to US and Israeli officials reported by Politico. Negotiators return to Cairo this week to try and get a deal. There are fears that this is the last chance and without a ceasefire Iran will attack Israel and conflict will escalate in the region with risks to oil infrastructure.
  • Bloomberg reported that US crude stocks rose moderately by 347k barrels last week, according to people familiar with the API data. Gasoline fell 1.04mn and distillate 2.25mn. The official EIA data is out later today.
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Oil prices continued to decline and are now down almost 5% this month as hopes for a Gaza ceasefire deal remain alive and worries over the demand outlook persist. Softer equities also pressured crude, while the weaker US dollar failed to provide support with the USD index down another 0.2% ahead of the Jackson Hole Symposium starting Thursday.

  • WTI fell 0.8% to $73.09/bbl following a low of $72.54 to be down 4.9% in August. It is currently trading slightly higher at $73.13/bbl. This month’s weakness has undermined the bullish theme with initial support and bear trigger at $71.67. Initial resistance is at $76.94, 20-day EMA, and key resistance at $80.16.
  • Brent is down 0.6% to $77.16/bbl and is now 4.6% lower this month, but is off the intraday low of $76.55 reached during the European session. The bullish theme has been undermined and key support is at $75.05 with key resistance at $82.40.
  • Israel agreed to the US’ “bridging proposal” to a Gaza ceasefire with the technical details to be worked out later, Hamas has said publicly it won’t agree and reports today are suggesting that a deal is close to crumbling, according to US and Israeli officials reported by Politico. Negotiators return to Cairo this week to try and get a deal. There are fears that this is the last chance and without a ceasefire Iran will attack Israel and conflict will escalate in the region with risks to oil infrastructure.
  • Bloomberg reported that US crude stocks rose moderately by 347k barrels last week, according to people familiar with the API data. Gasoline fell 1.04mn and distillate 2.25mn. The official EIA data is out later today.