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AUD

Continues Slide

CROSS ASSET

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Lower For Third Session

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Crude futures slightly higher but most of Monday's drop. WTI is up $0.07 from settlement levels at $71.33/bbl, Brent is up $0.04 at $72.93/bbl. Oil benchmarks retreated Monday, with the active WTI and Brent futures contracts off over 3.5% despite relatively sanguine markets elsewhere. WTI futures were mean reverting, with prices gravitating towards the 50-DMA at $70.55/bbl. Macro data may have added some weight, with China's manufacturing PMI and the US ISM manufacturing release below expectations. This, twinned with OPEC's recent supply deal weighed on energy markets on Monday. There could be further headwinds the latest wave of coronavirus infections continues to dominate headlines in Asia, the latest figures from Indonesia showed that gasoline usage fell almost 25% due to lockdown restrictions in July while cases in China are ticking higher. Markets look ahead to earnings from BP and US API inventory data.