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Crude Slides Whilst Gold Also Fades Netanyahu No Ceasefire Headlines

  • Crude futures have extended losses on the day, with WTI reaching an intraday low of $81.82/b, the lowest level since Aug 31.
  • The market weighs the risks to Iranian supplies from the Israel conflict. Weak fuel demand is also weighing on oil market ahead of the latest US Fed and BOE central bank meetings later this week.
  • One surprising factor has been the lack of support to prices from Israeli PM Netanyahu saying Israel will not agree to any ceasefire with Hamas.
  • Portfolio Investors have restarted sales of petroleum contracts last week as fears over the conflict in the Middle East are swapped for concerns over high interest rates and a sluggish global economy, according to Reuters.
  • Saudi’s defense Minister Khalid bin Salman is set to visit Washington Monday to meet with senior Biden officials – as the Israel/Hamas war threatens to spill over into a wider conflict, a key factor driving oil in October.
  • WTI is -3.4% at $82.62 in a step closer to a key support at $80.20 (Oct 6 low).
  • Brent is -2.7% at $88.01 in a step closer to $85.18 (Oct 12 low) after which sits a bear trigger at $83.44 (Oct 6 low).
  • Gold is -0.4% at $1997.67 but last week’s strength sees it far above support at $1937.6 (20-day EMA) and with technicals biased to further gains.

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