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Oil Markets Break Last Weeks Low

OIL

Oil markets are facing further weakness on Tuesday, accelerating on breaking last week’s low, pressured by sustained demand fears out of China and dollar strength.

  • Brent SEP 24 down -1.6% at 83.53$/bbl
  • WTI AUG 24 down -1.8% at 80.42$/bbl
  • China’s economy grew 4.7% in April-June according to official data - its slowest rate since the first quarter of 2023. It missed a 5.1% forecast in a Reuters poll.
  • China’s crude oil imports showed an annual fall of 11% at 46.45m mt in June, extending the weakness after falling 8.7% on the year in May, OilChem said citing GACC data.
  • WTI’s 50-day EMA ($80.07) provides a closer support level in that contract.

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