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Crude Oil Slides On Softer Growth Expectations

  • Crude oil prices are ending a three-session rally by sliding circa 2% despite US crude inventories falling by more than expected in EIA data, as growth concerns mount with Treasuries rallying solidly.
  • The White House has welcomed a major change in attitude from OPEC+ according to energy adviser Hochstein and is in talks with OPEC nations that have capacity whilst possibly reassessing more SPR releases after October. OPEC+ is expected to confirm an already agreed supply increase of 648k bpd in output for August.
  • WTI is -2.1% at $109.39, holding onto a further dip just prior to settlement. Unwinding recent gains, it moves back closer to support at $105.6 (Jun 27 low).
  • Brent is -1.9% at $115.75, moving closer to support at $111.26 (Jun 27 low) off an intraday high of $120.41.
  • Gold is -0.1% at $1818.38, with the yellow metal in consolidation mode and moving closer to initial support at $1805.2 (Jun 14 low), clearance of which could open a bear trigger at $1787.0 (May 16 low).
  • Elsewhere, Uniper SE has withdrawn its outlook for the year and is in bailout talks with the German government after Gazprom has curbed gas deliveries, being Germany’s top buyer of Russia gas.

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