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Crude Edges Lower After JMMC Meeting and NFP Data

OIL

Crude pulling back after an initial push higher with the drop in US dollar which has since corrected following the updated US nonfarm payrolls data.

  • Crude front month earlier remained relatively unchanged after the OPEC Joint Ministerial Monitoring Committee as expected recommended no change to the group’s current output policy during today’s virtual meeting according to a delegate.
  • Crude futures and time spreads have just edged higher today after the strong rally yesterday driven by the Saudi and Russia voluntary cuts extensions into September.
  • Technical analysis shows key resistance for the Oct23 Brent contract at 86.18$/bbl with first support at 81.63$/bbl. WTI resistance is at 86.59$/bbl and support at 77.72$/bbl.
    • Brent OCT 23 up 0.1% at 85.26$/bbl
    • WTI SEP 23 up 0.1% at 81.64$/bbl
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