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Oil Ends A Mixed Week Softer On Accelerated Demand Fears

COMMODITIES
  • Crude oil is ending a mixed week on a soft note, falling further today on the US composite PMI at the lowest levels its been since 2009 outside of the depths of the pandemic, building on mid-week EIA data showing sluggish product demand.
  • Supply concerns from Russia talking of not supplying any country that pursues a price cap and forming its own commodity price benchmark has been partly offset by Libyan production coming back online.
  • Additional US focus has seen WTI underperform Brent, flat on the week vs a 2% gain (both Sep’22 contracts).
  • On the day, WTI is -1.6% at $94.81, floating between resistance at $100.53 (20-day EMA) and support at $91.64 (Jul 15 low).
  • Brent is -0.5% at $103.32, although between resistance at $107.46 (50-day EMA) and support at $98.17 (Jul 15 low).
  • Gold is +0.2% at $1722.92 for +0.8% on a volatile week, seeing a further boost today after yesterday’s surge with on the back of another significant slide in Treasury yields. It currently doesn’t trouble technicals with resistance at $1745.4 (Jul 13 high) and support at $1697.7 (Jul 14 low).
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  • Crude oil is ending a mixed week on a soft note, falling further today on the US composite PMI at the lowest levels its been since 2009 outside of the depths of the pandemic, building on mid-week EIA data showing sluggish product demand.
  • Supply concerns from Russia talking of not supplying any country that pursues a price cap and forming its own commodity price benchmark has been partly offset by Libyan production coming back online.
  • Additional US focus has seen WTI underperform Brent, flat on the week vs a 2% gain (both Sep’22 contracts).
  • On the day, WTI is -1.6% at $94.81, floating between resistance at $100.53 (20-day EMA) and support at $91.64 (Jul 15 low).
  • Brent is -0.5% at $103.32, although between resistance at $107.46 (50-day EMA) and support at $98.17 (Jul 15 low).
  • Gold is +0.2% at $1722.92 for +0.8% on a volatile week, seeing a further boost today after yesterday’s surge with on the back of another significant slide in Treasury yields. It currently doesn’t trouble technicals with resistance at $1745.4 (Jul 13 high) and support at $1697.7 (Jul 14 low).