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Crude Oil Consolidates Yesterday's Corrective Bounce

COMMODITIES
  • Crude oil consolidates yesterday’s strong gains as it edges down although not before gaining earlier in the session as supply risks from Russia and OPEC offset economic-driven demand concerns, with some downside pressure from Hurricane Ian leaving Gulf platforms undamaged. Attention begins to turn to the OPEC+ meeting scheduled Oct 5 with production cuts expected to be mandated.
  • WTI is -1.1% at $81.23, doing little to change yesterday’s corrective bounce with support still seen at $76.11 (1.618 proj of Jul 29- Aug 16 - 30 price swing).
  • Brent is -1.1% at $88.36, still holding above support at the bear trigger of $83.65 (Sep 26 low).
  • Gold is -0.03% at $1659.4 after yesterday’s surge saw a pause in the downtrend. Initial technical levels are defined by Wednesday’s range, with resistance at $1662.7 and support at $1615.0.
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  • Crude oil consolidates yesterday’s strong gains as it edges down although not before gaining earlier in the session as supply risks from Russia and OPEC offset economic-driven demand concerns, with some downside pressure from Hurricane Ian leaving Gulf platforms undamaged. Attention begins to turn to the OPEC+ meeting scheduled Oct 5 with production cuts expected to be mandated.
  • WTI is -1.1% at $81.23, doing little to change yesterday’s corrective bounce with support still seen at $76.11 (1.618 proj of Jul 29- Aug 16 - 30 price swing).
  • Brent is -1.1% at $88.36, still holding above support at the bear trigger of $83.65 (Sep 26 low).
  • Gold is -0.03% at $1659.4 after yesterday’s surge saw a pause in the downtrend. Initial technical levels are defined by Wednesday’s range, with resistance at $1662.7 and support at $1615.0.