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Crude Prices Slump To Early July Levels, Gold Resists USD Strength

COMMODITIES
  • Crude markets have held earlier losses and are hovering at a five-month low, despite an unexpectedly large draw in US crude stocks. Continued high US production, growing incredulity at the scope of OPEC’s production cuts, and a weak demand outlook are weighing on prices.
  • EIA Weekly US Petroleum Summary - w/w change week ending Dec 01: Crude stocks -4,633 vs Exp -774, Crude production -100, SPR stocks +330, Cushing stocks +1,829
  • Russia’s Putin has arrived in Saudi to meet Mohammed Bin Salman in a bid to strengthen Middle East partnerships.
  • OPEC output in November saw its first monthly decline since July, according to a Reuters survey reported by Nasdaq.
  • WTI is -4.1% at $69.35 having slumped through various support levels including $70.96 (76.4% retrace of May 4 – Sep 28 bull run) to open $69.09 (Jul 3 low).
  • Brent is -3.8% at $74.26, although clearing suppotrs including $75.07 (76.4% retrace of May 4 – Sep 15 bull run) to open $73.50 (Jul 6 low).
  • Gold is +0.5% at $2029.88, consolidating it’s pullback from Monday’s all-time high but proving resilience to net USD strength today. It remains off resistance at $2072.7 (50% retrace of Dec4-5 downleg) whilst support is seen at $2005.6 (20-day EMA).
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