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Recession Fears Dominate

  • Crude oil falls circa -2.5% on dollar strength, surging yields and recession fears, despite the US not seeing the Iran deal coming together soon according to State Dept spokesman Price.
  • WTI is -2.5% at $76.78 and close to session lows, eyeing support at $76.11 (1.618 proj of Jul 29 – Aug 16 – 30 price swing) in the bear trend extension.
  • Most active strikes in the CLX2 at $90/bbl calls followed by $70/bbl puts.
  • Brent is -2.3% at $84.16 as it tests support at $84.11 (1.5 proj of Jul 29 – Aug 17-30 price swing), with further support at $82.59 (1.618 proj of same swing).
  • Gold is -1.2% at $1623.77, extending lower after its recent bear flag breakout. It next eyes $1610.5 (1 proj of the Jun 13 – Jul 21- Aug 10 price swing).

Source: Bloomberg

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