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Crude Rises Further In Holiday-Thinned Trading

OIL

Oil prices rose 0.5% on Monday but traded in a range of less than a dollar due to thin trading as the US was closed. It added to Friday’s +2% gains on expectations of output cuts being extended into October. An announcement is expected this week. The USD index was 0.1% lower.

  • WTI held above the important $85 level and closed at $85.98/bbl following an intraday low of $85.27. It broke through $86 briefly to make a high of $86.14. It has started today down slightly to $85.83. Technicals are suggesting an upward trend and resistance is at $86.62.
  • Brent closed at $89 after reaching a high of $89.22. It traded above $88 through the day with the intraday low at $88.26. Clearing $88.99 has opened up $90.
  • The uncertain demand outlook for the world’s largest crude importer, China, is a key topic at the APPEC conference being held in Singapore this week.
  • Average Australian nationwide petrol prices fell 0.8% on the week ending September 3 to 203.3c/L. The previous week’s 205c/L was the highest since early July 2022.
Energy BulletsCommodities
Energy BulletsCommodities

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