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Crude Down Towards Yesterday's Lows Amid US Dollar Strength

OIL

Crude falls back down through the lows of the day and towards the low from yesterday near 82$/bbl with a stronger US dollar as the market weighs demand concern and some supply optimism against the low Saudi production.

  • Long dated crude time spreads are following the move although the prompt spreads are maintaining closer to previous close levels.
  • Next technical support is at the 50 day EMA level of 81.68$/bbl for Oct Brent and 77.42$/bbl for Oct WTI.
    • Brent OCT 23 down -1% at 82.4$/bbl
    • WTI OCT 23 down -1.1% at 78.06$/bbl
    • WTI-Brent unchanged at -4.34$/bbl
    • Brent OCT 23-NOV 23 unchanged at 0.37$/bbl
    • Brent DEC 23-DEC 24 down -0.11$/bbl at 3.62$/bbl
    • WTI OCT 23-NOV 23 down -0.01$/bbl at 0.29$/bbl
    • WTI DEC 23-DEC 24 down -0.14$/bbl at 3.84$/bbl
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