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Crude Range Trading, Supply/Demand Factors Balancing Out

OIL

Oil has been range trading during the APAC session and is only 0.1% higher. Brent is around $79.55/bbl down from the intraday high of $79.74 and WTI is $75.39 after a high of $75.56. The USD index is 0.2% lower, providing some support to crude today.

  • This week indications that Russia is reducing output have offset demand concerns stemming from China’s disappointing data and uncertainty re Fed policy. On Wednesday, China made a commitment to improve business conditions, which if successful could increase oil demand.
  • The expiry of the August WTI contract today could increase volatility.
  • US jobless claims, Philly Fed index and existing home sales print later.

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