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Crude Range Trading As Market Waits For OPEC Decision

OIL
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Oil prices fell moderately on Monday and continue to move within the range seen through most of May. Markets looked through possible instability after the death of Iran’s president. There are questions over the Saudi king’s successor given his bad health. The USD index rose 0.1% after yields picked up.

  • WTI fell 0.4% to $79.22 and is currently trading slightly higher at $79.26. It broke above $80 briefly on a dip in the greenback to make a high of $80.11 and then fell to $78.67. The benchmark is now down 2.6% this month. The bearish theme remains intact and short-term gains are seen as corrective. Initial support is at $76.36, May 15 low, and resistance at $80.90, May 1 high.
  • Brent is 0.3% lower at $83.71 to be down 2.7% in May. It reached $84.49 before falling to $83.11. Conditions are bearish and initial support is at $81.05, May 15 low, while resistance is at $84.51, 50-day EMA.
  • The market is range trading and disregarding certain geopolitical events as it waits for the June 1 OPEC+ meeting. Output cuts have supported prices and they are widely expected to be extended into H2.
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Oil prices fell moderately on Monday and continue to move within the range seen through most of May. Markets looked through possible instability after the death of Iran’s president. There are questions over the Saudi king’s successor given his bad health. The USD index rose 0.1% after yields picked up.

  • WTI fell 0.4% to $79.22 and is currently trading slightly higher at $79.26. It broke above $80 briefly on a dip in the greenback to make a high of $80.11 and then fell to $78.67. The benchmark is now down 2.6% this month. The bearish theme remains intact and short-term gains are seen as corrective. Initial support is at $76.36, May 15 low, and resistance at $80.90, May 1 high.
  • Brent is 0.3% lower at $83.71 to be down 2.7% in May. It reached $84.49 before falling to $83.11. Conditions are bearish and initial support is at $81.05, May 15 low, while resistance is at $84.51, 50-day EMA.
  • The market is range trading and disregarding certain geopolitical events as it waits for the June 1 OPEC+ meeting. Output cuts have supported prices and they are widely expected to be extended into H2.