Thursday's Sell-Off Extends, Tracking Lower For The Week

Brent's sell off from the Thursday session has extended in the first part of Friday trade. We were last near $73.20/bbl, down a further 1.2%, after falling 3.86% in Thursday trade. This leaves us comfortably lower for the week, off 4.4% at this stage. WTI is under $68.70/bbl, following a similar trajectory.

• For Brent, bears will target a move back sub the $72/bbl level, which has marked lows so far this month. On the upside the 20-day EMA sits around $75.55, while the 50-day is around $76.85/bbl.
• This latter resistance point has generally capped upside in oil since late April.
• Despite some positive signs around US demand and lower crude stockpiles this week, oil has been weighed by global headwinds, with a less supportive risk backdrop particularly evident today.
• Coming up, the focus will be on EU/UK and US PMI preliminary prints for June, which will provide an update on the global economy's health.