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Crude Futures Continue Slide, WTI Hits Fresh Weekly Lows

OIL
  • While crude futures had been easing back from earlier gains during the US session, downside momentum has picked up in recent trade.
  • WTI, now down 1.7%, led the move and briefly printed a fresh low for the week of $79.07. Analysts have pointed out that the reversal may have been exacerbated following an inability to sustain a break above the 100-day moving average (intersects ~$82), a tech level that has capped the topside this week.
  • The market continues to weigh recession concerns with demand uncertainty from China and potential Russian supply disruption with sanctions due to start of 5 Feb.
  • It is also worth reiterating that OPEC+ delegates expect the JMMC advisory committee to keep oil production levels unchanged when they meet on 1 Feb next week according to Reuters earlier this week. With the date coinciding with the February FOMC decision and the close proximity to month-end, profit taking dynamics could well have been in play ahead of the weekend close.
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