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Crude Oil Slides Despite OPEC Willingness To Cut Production

COMMODITIES
  • Crude oil more than unwinds yesterday’s gains, despite OPEC noting openness to cutting oil production, with declines gaining through the US session despite limited drivers. Product prices meanwhile face further pressure after a fire at the biggest US Midwest refinery broke out with BP still working to assess the damage and determine when it could restart.
  • WTI is -1.95% at $93.05, in a sharp pullback from the week’s gains improving the short-term outlook for bulls having traded through key resistance. Instead, it now moves closer to support at $90.42 (Aug 23 low), after which sits the bear trigger at $85.37 (Aug 16 low).
  • Brent is -1.23% at $99.98, again moving closer to support at $96.53 (Aug 23 low) with the bear trigger at $91.22 (Jul 14 low) below that.
  • Gold is +0.27% at $1755.86, continuing gains from the past two days on a softer USD and Treasury yields ahead of Jackson Hole. It briefly cleared the 20-day EMA at $1762.2 before retreating, but opens the 50-day EMA at $1777.2.
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