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Crude Down Again On China Recovery Worries & Supply Resumption

OIL

Oil prices followed Friday’s 2.1% drop with another 1.6% on Monday. The reopening of a Libyan oilfield plus disappointing Q2 China GDP weighed on crude at the start of the week. Prices spiked when Reuters posted a headline that Saudi output cuts would be extended to end 2024 but then fell when the story was retracted. The USD index finished flat.

  • Brent fell 1.6% to $78.56/bbl after spiking above $80 on the Reuters news. It fell to an intraday low of $78.25 following the retraction of the story. Support lies at $76.98, the 20-day EMA and resistance at $82.06.
  • WTI finished 1.7% lower and is currently trading around $74.11. It reached a high of $76.09 and a low of $73.84 followed. Support is at $72.31 and resistance $78.03.
  • While the supply disruptions in Libya have been resolved, they continue in Nigeria.
Energy BulletsCommodities
Energy BulletsCommodities

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