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Crude Oil Limits Declines As Attention Turns To China Trade Data

COMMODITIES
  • Crude oil prices are trading modestly lower on the day having recovered from larger declines earlier in the session as the market assesses lower OPEC production in the second half of 2023 and in 2024 against economic driven demand fears in US and China.
  • The intraday recovery was halted by Russia failing to cut output by 500kbp in May, with crude production instead only slightly down from 9.67mbpd to 9.66mbpd.
  • China May trade data is out later with the market watching for a slowing in export growth following the previous weaker official manufacturing PMI data.
  • WTI is -0.65% at $71.69 after a session low of $70.15 came close to $70.00 (Jun 2 low).
  • Brent is -0.65% at $76.22 after a low of $74.76 held above support at $74.18 (Jun 2 low).
  • Gold is +0.1% at $1963.97 with little change in the USD index on the day but holding up well considering the climb front end Treasury yields. Technical levels are untouched with resistance at $1985.3 (May 24 high) and support at $1932.2 (May 31 low).
Energy BulletsCommodities
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