Trial now

Approaching Key Support


WTI Narrows in on Cycle High

Sign up now for free access to this content.

Please enter your details below and select your areas of interest.

Crude futures are steady, holding gains seen made during the US session yesterday. WTI is up $0.08 from settlement at $69.33/bbl, Brent is up $0.07 at $71.51/bbl. Conflicting factors helped stabilise oil benchmarks into the Wednesday close, with early pressure hitting WTI and Brent futures after the US issued a statement appealing to OPEC+ to open the output taps and relieve oil prices in the face of a slowing post-COVID recovery. This pressured WTI futures to back below $67/bbl before prices bounced on the DoE inventories release. The weekly release saw an unexpected draw of 448k barrels against a forecast of a build, with implied demand data also proving supportive and helping secure a two day advance. To resume any incline in Brent futures, bulls need to again take out $74.47, the 76.4% retracement of the Jul 6 - 20 downleg. A break and close back above here opens key resistance at $76.80, Jul 6 high.