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Crude Oil Weighed By China Data and Libya Restarts

COMMODITIES
  • MNI (London) -- Crude oil tried reversing earlier losses but hasn't been able to make the move stick, with European reaction to softer than expected China GDP and the resumption of production at key Libyan oil fields ultimately setting the tone for the day.
  • Oil futures priced spiked earlier today after Reuters posted a headline that Saudi Arabia will extend its pledged output cut until the end of 2024. The alert was retracted shortly after as it was a repeat of news published on 4 June. Brent front month spiked to $80.64/bbl.
  • WTI is -1.6% at $74.18, remaining above support at $72.31 (20-day EMA) whilst not troubling resistance at $78.03 (Fibo retracement of Apr 12 – May 4 bear leg).
  • Brent is -1.7% at $78.50, above support at $76.98 (20-day EMA) but equally not testing resistance at $82.06 (Fibo retracement of Apr 12 – May 4 downleg).
  • Gold is near unchanged at $1955.56 after a second relatively tame day for the US dollar awaiting tomorrow’s retail sales data. It continues to remain reasonably close to resistance at $1968.0 (Jun 16 high) with an intraday high nudging $1960, whilst support is seen at $1934.4 (20-day EMA).
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