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Crude Oil Prices Crunch Higher As Supply Disruption Wins Out

COMMODITIES
  • Crude oil prices have churned higher again today on further supply issues, this time from Libya and Ecuador political protest disruptions, whilst concerns for the US economy weigh on the WTI-Brent Spread which reached a fresh low for the month.
  • Tomorrow sees both API data plus the EIA release playing catch-up with two weeks of data after technical issues.
  • WTI is +2.1% at $111.92, shifting further towards resistance at $113.49 (61.8% retrace of the Jun 14-22 downleg) and moving away from yesterday’s low of $105.60.
  • Brent is +2.7% at $118.16, almost testing resistance at $118.25 (61.8% retrace of the Jun 14-22 downleg) which could open $121.25 (Jun 17 high).
  • Gold is -0.16% at $1820.00 as it dips with emerging dollar strength and saw relatively little impact from Turkey agreeing to Finland and Sweden accession to NATO. It nears initial support at $1805.2 (Jun 14 low), clearance of which could open a bear trigger at $1787.0 (May 16 low).
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