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Crude Range Bound In Thin Trading


Oil prices range traded on Monday in light summer trading in addition the UK was closed. Better risk appetite provided some support but the possibility of increased supply meant that crude finished little changed. The USD index was down slightly.

  • WTI rose 0.2% to close just under $80 at $79.97/bbl. It has started Tuesday rising above $80 and is currently at $80.05. A break below support at $78.33 would signal a clearer bear trend but currently moves lower are seen as corrective. Resistance is $81.75.
  • Brent fell 0.15% to $84.35/bbl. It rose above $85 to reach a high of $85.23, approaching resistance at $85.86. The intraday low was at $84.11. Support lies at $81.75.
  • Talks continue to ease oil sanctions on Iran and Venezuela, which has the potential to increase supply.
  • Markets have been concerned re demand from China but flights were 13% above pre-pandemic levels in the latest week signalling an increase in demand for jet fuel, which is already tight.

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