Tracking Higher For The 3rd Straight Week, Brent Close To 200-day MA Resistance

Current Brent levels, $81.45/bbl, are little changed to NY closing levels from Thursday. We aren't too far off session lows ($81.35/bbl), with Brent consolidating so far in the Asia Pac session. Earlier highs were at $81.70/bbl. We are tracking firmly higher for the week though, ~+3.75% at this stage. This follows the 4.77% gain last week and would be the 3rd straight week of gains. WTI was last around $77/bbl, and tracking +4.15% firmer for the week.

• For Brent, focus remains on late April highs, just above $83/bbl, which would also coincide with a test of the simple 200-day MA (close to $82.50/bbl). Note the 200-day EMA is slightly lower around $82.30/bbl.
• The combination of the USD pull back, tighter supply (with disruptions in Libya announced on Thursday), coupled with China pledges of policy support, have been supportive of recent gains.
• Looking ahead, the G20 meetings kick off this Sunday in India and continue to the 18th.
• On Monday we get an update on China's economic backdrop, with 2Q GDP out, along with June monthly activity figures.