OIL: Brent Pulls Back to Near Flat on the Week

Crude pulls back below the lows from yesterday but with no clear new driver behind the move. Front month Brent is back near unchanged on the week after rising to a high of $82.4/bbl on upside market risks from Middle East tensions and concern over a potential attack on Israel by Iran.

• The resumption of Libya’s oil flows to the port of Es-Sider could help to ease some near term tight supply pressures.
• Talks on reaching a hostages-for-ceasefire agreement with Hamas involving a high-level Israeli delegation, and mediators from the US, Egypt and Qatar started in Doha yesterday. 
• Crude times spreads are following the move lower today with upside limited by global demand growth concerns, especially in China.
• Technicals suggest key short-term support down at the Aug 9 low of $78.77/bbl and then Aug 5 low of $75.05/bbl and resistance at a Fibonacci retracement of $84.22/bbl. 
  • Brent OCT 24 down 2.2% at 79.28$/bbl
  • WTI SEP 24 down 2.6% at 76.16$/bbl
  • WTI-Brent down 0.09$/bbl at -4.14$/bbl
  • Brent OCT 24-NOV 24 down 0.1$/bbl at 0.77$/bbl
  • Brent DEC 24-DEC 25 down 0.53$/bbl at 3.35$/bbl
  • WTI SEP 24-OCT 24 down 0.14$/bbl at 1.03$/bbl
  • WTI DEC 24-DEC 25 down 0.52$/bbl at 3.91$/bbl