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Crude Futures Slump Over 3% On Session

COMMODITIES
  • WTI has fallen to its lowest level since early March after a larger than expected build in US crude stocks in the latest EIA data. Crude hit new intraday lows after the FOMC held rates steady and a slightly weaker dollar did little to support oil prices.
  • WTI JUN 24 is down 3.26% at 79.26$/bbl. Price has breached key support at the 50-day EMA, at $81.23. A clear break of this average would strengthen a short-term bearish theme and highlight scope for a deeper correction. This would open $76.07, the Mar 11 low.
  • OPEC’s crude production was steady at 26.81m b/d in April, leaving the bloc’s latest cuts incomplete, Bloomberg said.
  • Precious metals have been well supported, with more optimistic price action bolstered by the post-fed reaction for US yields and the greenback. Both spot gold and silver are exhibiting gains of around 1.25% on Wednesday.
  • Note that the most recent short-term bear cycle has been allowing a significant overbought condition to unwind. Key resistance and the bull trigger remains much higher, at $2431.5, the recent Apr 12 high.
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