Free Trial

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.