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Technical Factors Come To The Fore For Crude

COMMODITIES
  • Crude has pulled back after failing to stay above key technical resistance for Brent, in a volatile trading session this afternoon amidst lighter summer volumes.
  • Prices could not find a clear direction with economic concerns weighing on Chinese and US crude oil demand expectations, while Saudi Arabia’s extension to its pledged output cut and Russia’s planned export cuts for August are offering support.
  • Earlier, IEA Chief Birol flagged potential tightness in 2H23, seeing demand from China and developing countries set to be strong.
  • WTI is -1.1% at $73.04 off a high of $74.15 which forms new resistance after which lies the key level of $75.70 (Jun 5 high).
  • Brent is -0.9% at $77.74, with a high of $78.77 piercing resistance at $78.47 (Jun 5 high). A clear break is required to open scope for a climb towards $79.94 (Fibo retracement).
  • Gold is +0.05% at $1926.05 with little boost from a softer USD and lower Treasury yields. It hasn’t troubled resistance at $1945.1 (50-day EMA) or support at $1893.1 (Jun 29 low).
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