OIL: Crude Extends Pull Back Despite Libya Supply Disruption

Brent crude extends the pullback from yesterday, trading though the lows of the week despite the disruption to Libya oil supplies and the expected US crude stocks draw in data released later today.

• Crude markets remain concerned for soft global demand growth driven primarily by the sluggish economy in China and weak refinery run rates.
• Technicals show key Brent support at the Aug 5 low of $75.05/bbl and WTI support at $70.88/bbl.
• The prompt Brent spread is however holding onto previous gains supported by the current halt to oil production and exports from Libya’s eastern government.
• The longer dated Dec24-Dec25 spreads are following the move lower to set new lows for the week.
  • Brent OCT 24 down 0.8% at 78.93$/bbl
  • WTI OCT 24 down 0.9% at 74.87$/bbl
  • WTI-Brent down 0.02$/bbl at -4.05$/bbl
  • Brent OCT 24-NOV 24 up 0.02$/bbl at 0.91$/bbl
  • Brent DEC 24-DEC 25 down 0.17$/bbl at 3.41$/bbl
  • WTI OCT 24-NOV 24 down 0.06$/bbl at 1.01$/bbl
  • WTI DEC 24-DEC 25 down 0.12$/bbl at 3.81$/bbl