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OIL: Crude Extends Decline to Yesterday's Lows

OIL

Crude extends the recent decline to trade to the support at the lows seen yesterday at $81.60/bbl for Brent and $77.55/bbl for WTI as the Dec24-Dec25 spread follows the move to the lowest since June 14.

  • Next technical support for Brent is at Fibonacci retracement level at $79.32/bbl while key WTI support is at the June 4 low at $72.23/bbl.
  • Concern for future global demand, especially in China, and the planned return of OPEC+ supply from October weigh against near term tightness and geopolitical and weather-related supply risks.
    • Brent SEP 24 down 1% at 81.6$/bbl
    • WTI SEP 24 down 1.1% at 77.56$/bbl
    • Brent SEP 24-OCT 24 down 0.03$/bbl at 0.93$/bbl
    • Brent DEC 24-DEC 25 down 0.21$/bbl at 3.91$/bbl
    • WTI SEP 24-OCT 24 down 0.04$/bbl at 1.03$/bbl
    • WTI DEC 24-DEC 25 down 0.24$/bbl at 4.35$/bbl

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