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Crude Down Slightly But Holds Onto Most Of Friday’s Gains

OIL

Oil is trading off its intraday lows but is still down around 0.1% on Friday’s close, as Fed jitters have limited upside. WTI is around $76.98/bbl close to the intraday high of $77.05 but off the low at $76.56. Brent is $80.97 just beneath the high of $81.04 which followed a low of $80.51. The USD index is off its low to be flat.

  • WTI has faced round-number resistance at $77 as the break above was very brief. $76.60 has provided support. Brent hasn’t been able to sustain moves above $81 but $80.50 has provided a floor today. It is holding above its 200-day MA.
  • The widely expected 25bp Fed hike following Wednesday’s meeting should already be priced into the oil market, but the accompanying comments could drive some volatility in prices. A hawkish tone could push prices sharply lower, as the crude market fears a US recession.
  • Later the US preliminary S&P Global PMIs for July and the June Chicago Fed index print. There are also European preliminary July PMIs.
Energy BulletsCommodities
Energy BulletsCommodities

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