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Oil Swings On Mixed Demand/Supply Forces, Gold Slides Lower

COMMODITIES
  • Crude oil has seen a very mixed day, ultimately only down slightly, sliding on China growth fears plus potentially the hope of the Iran JCPOA deal and the eventual release of Iranian supply, before rebounding sharply as Saudi Arabia hinted at further OPEC+ action in response to futures volatility.
  • Most recently on Iranian deal consideration, the US State Dept’s Ned Price says the US is encouraged by Iran dropping some “non-starter” demands, appearing to include the lifting of the terrorist label, but with comments that the US is still “engaging with” EU partners and not planning to take one day longer than needed to response to the EU, it doesn’t seem like a decision is imminent.
  • WTI is -0.6% at $90.23 having touched a session low of $86.60, which in a doubling down on the bearish outlook came close to testing support at $85.73 (Aug 16 low).
  • Brent is -0.2% at $96.58 off a session low of $92.42 that moved closer to the bear trigger at $91.22 (Jul 14 low).
  • Gold is -0.55% at $1737.45 in a continuation of last week’s slide on USD strength and surging Treasury yields. A bear cycle is firmly in play having fleetingly cleared support at $1729.5 (61.8% retrace of Jul 21 – Aug 10 climb) after which sits $1711.7 (Jul 27 low).
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