Lower, But On Track For Monthly Gain

Crude futures slightly lower in Asia-Pac trade on Thursday, but sticking to Wednesday's range so far. A particularly solid session for the greenback worked against commodity markets yesterday, USD strength kept a lid on the still-bullish energy contracts, resulting in Brent and WTI circling just below recent cycle bests. Despite the edge off highs for oil, dips are considered corrective and a bullish theme remains intact. Last week's break of $73.58, the Jul 6 high and bull trigger confirmed a resumption of the uptrend. The focus is on $78.24 next, a Fibonacci projection with scope seen for a climb towards $80.00 further out. Both benchmarks still on track for monthly gains, thanks I part to disruptions in the Gulf of Mexico from Hurricane Ida. Inventory data yesterday showed headline crude tockpiles rose by 4.6m bbls, the first increase since the week ending July 30. Gasoline and distillate stockpiles increased last week