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Oil Arrests Decline, But Upside Limited

COMMODITIES
  • Oil benchmarks head into the close on positive footing, with WTI and Brent crude futures higher by just over 1% apiece. Nonetheless, the bounce was preceded by lower lows for both contracts, meaning lower lows have now been printed for five consecutive sessions.
  • Hawkish comments from the Israeli defense minister Gantz may have provided a floor for now, as he stated Israel would be willing to adopt a war footing with Iran should the situation require it.
  • For Brent specifically, the move below the 50-day EMA this week looks convincing, with support now exposed at $66.43. To resume any incline, bulls need to again take out $74.47, the 76.4% retracement of the Jul 6 - 20 downleg.
  • Trade in both gold and silver was more muted, although both metals entered lower territory amid positive equity performance and a bottoming out of the USD index.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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