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EURUSD TECHS

Approaching Key Support

COMMODITIES

WTI Narrows in on Cycle High

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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.