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Crude Front Month Falls to Multi-Month Low

OIL

Front month crude is extending today’s losses, falling to the lowest level since 7 July, after breaking through the first support level earlier in the session. Voluntary OPEC+ production cuts have not been enough to halt the bearish sentiment driven by strong non-OPEC supply and ongoing global demand growth uncertainty, shrugging off an expected small draw in US crude inventories.

    • Brent FEB 24 down -1.3% at 76.21$/bbl
    • WTI JAN 24 down -1.4% at 71.31$/bbl
  • BRENT TECHS: (G4) Trend Direction Remains Down
    • PRICE: $77.37 @ 07:03 GMT Dec 6
    • SUP 1: $76.71 - Low Nov 16 and the bear trigger
    • SUP 2: $75.07 - 76.4% retracement of the May 4 - Sep 15 bull run
  • WTI TECHS: (F4) Pierces The Bear Trigger
    • PRICE: $72.40 @ 07:21 GMT Dec 6
    • SUP 1: $72.02 - Low Dec 5
    • SUP 2: $70.96 - 76.4% retracement of the May 4 - Sep 28 bull run
  • The EIA weekly petroleum status report will be released at 10:30 ET (15:30 GMT) today. Crude inventories are expected to show a small draw of -0.77mbbls for the week ending 1 December according to a Bloomberg survey.

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