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Edging Down From Recent Highs

OIL

Brent crude has edged away from recent highs as Monday's Asia Pac session has progressed. We were last just under $78.00/bbl. Against highs just above $78.50/bbl from late in NY dealing on Friday. This puts Brent 0.64% lower for the session so far. However, this is unwinding only a modest proportion of Friday's +2.55% gain. WTI was last around $73.35/bbl off by a similar amount for the session so far (-0.69%).

  • Weaker oil levels are in line with a firmer USD during the course of the session so far, whilst risk aversion has also been evident in terms of weaker US equity futures.
  • Lower than expected China inflation outcomes have also likely weighed at the margin, in terms of painting a less supportive China outlook.
  • Still, we are only modestly off recent highs, and Brent remains comfortably above the 20 and 50-day EMAs at this stage. The 100-day EMA (around $78.40/bbl) remains a resistance point on the topside.
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