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Crude Oil Slides Amidst Broader Risk-Off

COMMODITIES
  • Crude oil has slid lower through most of the session, down circa 4% as equity market losses accelerated and the US dollar saw a resurgence amidst risk off.
  • OPEC crude output edged higher last month as Nigeria partially reversed a long-term slump by cracking down on oil theft with a 8-month high of 1.35mbpd whilst separately, Mexico expects Pemex to pay its debt without government intervention.
  • WTI is -4.0% at $77.10, approaching key short-term support at $76.79 (Dec 29 low), clearance of which could open $73.40 (Dec 16 low).
  • Brent is -4.2% at $82.30 as it eyes key short-term support at $81.85 (Dec 29 low), clearance of which could open $78.76 (Dec 16 low).
  • Gold is +0.7% at $1837.2 in the middle of a wide range from a volatile session with an intraday high of $1850.0 and further resistance at $1857.6 (Jun 16 high). Lower Tsy yields on balance offset the impact from a stronger dollar.

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