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Oil Prices Retreat Roughly 2.5%

COMMODITIES
  • Reports throughout Wednesday kept volatility in oil markets high and eventually led to a notable sell-off with WTI futures reaching $72.21 at its worst point of the day, residing down 2.7% as of writing.
  • Overall, the UAE and Saudi Arabia appear to have resolved a dispute over a demand by the UAE to raise its production quota that could pave the way for an extension of producer cooperation and enable substantial volumes of oil supply to come back to the market.
  • What happens next will depend upon deliberations at a yet-to-be announced, Opec+ ministerial meeting expected to take place this week ahead of the Islamic Eid on Jul. 19. The issue of the baseline change will also be discussed during the meeting by all members of the producer group.
  • For reference, that meeting is not guaranteed to result in an agreement as other countries could raise similar requests on the back of the UAE's seeming success.
  • Meanwhile, after an hour's delay, with the EIA citing a "technical issue," the U.S. government reported that U.S. crude inventories fell by 7.9 million barrels for the week ended July 9, marking an eighth weekly decline in a row.
  • The broadly offered dollar propped up gold and silver prices, both rising just shy of 1%. Potential bullish technical developments in the yellow metal as the 50-day EMA at $1813.4 has broken today. The EMA represented a key resistance area. Price extended to a high of $1829.89, just below $1833.7, a Fibonacci retracement.
Energy BulletsCommodities
Energy BulletsCommodities

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