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Crude Eases After Failing to Break Higher

OIL

Crude pulls back after failing to stay above the technical resistance of $78.61/bbl, in a volatile trading session this afternoon.

  • Crude prices could not find a clear direction with economic concerns weighing on Chinese and US crude oil demand expectations, while Saudi Arabia’s extension to its pledged output cut and Russia’s planned export cuts for August are offering support.
  • BRENT TECHS: (U3) Pierces Resistance
  • RES 4: $84.02 - High Apr 18
  • RES 3: $82.06 - 76.4% retracement of the Apr 12 - May 4 bear leg
  • RES 2: $79.94 - 61.8% retracement of the Apr 12 - May 4 bear leg
  • RES 1: $78.61 - Intraday high
  • Brent prices rose to an intra-day high of $78.77/bbl, breaking through resistance before easing back.
  • Brent SEP 23 down -0.1% at 78.43$/bbl
  • WTI AUG 23 down -0.1% at 73.75$/bbl

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