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Sell-Off Slows, But Oil Still Weak

COMMODITIES
  • WTI and Brent crude futures both trade in negative territory, although the pace of the decline has slowed Thursday, although both benchmarks continue to look weak. Brent (U1) continues to trade lower with the focus on $71.24, the Jun 17 low. WTI (Q1) has cleared its 20-day EMA and attention turns to $69.54, Jun 17 low.
  • Focus turns to the one-day delayed weekly crude oil inventories update, with markets expecting a draw of around 4.5mln bbls for the headline, while refinery utilization is seen slowing to 0.39%.
  • Gold maintains a firmer tone. Attention is on the 50-day EMA that intersects at $1814.6. A clear break of the EMA is required to suggest scope for a stronger rally. This would open $1833.7, 50.0% of the Jun 1 - 29 decline.

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