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Crude Passes First Resistance Level

OIL

Crude pushed through its first resistance level on the day, despite a stronger US dollar.

  • Brent AUG 24 up 2.2% at 81.39$/bbl. RES 1: $81.29 - 20-day EMA
  • WTI JUL 24 up 2.5% at 77.4$/bbl RES 1: $77.10/80.62 - 20-day EMA / High May 1
  • Expectations of solid summer transport demand will likely push Q3 into a supply deficit of around 1.3m b/d, according to Goldman Sach, cited by Reuters.
  • While summer driving season has started on a more muted footing, it is likely to accelerate.

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