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Oil Caught Offguard as US Calls for OPEC+ to Open Taps

COMMODITIES
  • 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 448,000 barrels against an forecast of a build, with implied demand data also proving supportive.
  • 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.
  • Gold extended the recovery of the week's dramatic low, but to reinforce any upside argument, bulls need to regain $1834.1, Jul 15 high, ahead of $1853.3, a Fibonacci retracement.

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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