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Oil Dips In Asia After Two Day Rally

OIL

Crude futures dipped slightly in Asia-Pac trade on Wednesday, benchmarks slipping after closing near session highs after a two day rally. The greenback rose for the first time in two sessions which weighed on oil, while the prospect of the Delta variant also looms over markets. Data yesterday showed headline crude stocks dipped 1.622m bbls, while gasoline and distillate stocks also fell. Markets look ahead to US DoE inventory figures. Our tech analyst says the short-term outlook appears bullish with Monday's price pattern representing a bullish engulfing candle, with gains to the 20day EMA next up at $67.35, support is seen at $61.74 the Aug 23 low. For Brent support is seen at the Aug 23 low of $64.60, resistance at the 20-day EMA $69.98.

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