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Crude Oil Slides On China Demand Fears Whilst Gold Eyes Bear Trigger

COMMODITIES
  • Crude prices tumbled today despite the PBOC's unexpected policy rate reductions after softer economic data, with those ongoing risks to China demand growth and overall net strength of the US dollar providing a headwind.
  • The 15bp rate cut to the 1Y medium-term lending facility preceded data showing relatively robust commodities data in July though, with China’s apparent oil demand up 21.2% Y/Y according to Bloomberg along with a 17.4% increase Y/Y in oil processing.
  • Crude oil daily traded volumes have fallen in recent days after a spike on 9 August amid concerns for tight supplies from rising tension in the Black Sea last week.
  • WTI is -1.8% at $81.01 despite lifting off lows of $80.40 as it moves closer to support at $78.69 (Aug 3 low) in what’s deemed a corrective pullback from technical trends.
  • The day’s most active strikes in the front CLU3 have been at $80/bbl puts.
  • Brent is -1.5% at $84.92 off a low of $84.29 which moved closer to support at $82.36 (Aug 3 low).
  • Gold is -0.2% at $1903.80 having recovered off an earlier low of $1896.54 comfortably cleared support at $1902.7 (Jul 6 low) to next open the bear trigger at $1893.1 (Jun 29 low).
Energy BulletsCommodities
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