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Under Pressure But Off Lows As Risk-Off Tone Moderates From Asia Extremes

OIL

WTI futures extended their pull back from last week’s YtD highs in Asia-Pac hours.

  • The move came alongside pressure for Chinese & HK equities.
  • WTI then found a base around $82.00, before ticking away from session lows as the recovery from worst levels in Chinese equities leaked into U.S. & European benchmark equity futures.
  • Also note that the broader USD has moved back from best levels of the session.
  • The uptrend in WTI futures remains intact and the latest pullback appears to be a correction. Last week’s gains confirmed a resumption of the bull cycle. Price breached resistance at $83.59, the Nov 7 2022 high. The break strengthened a bullish condition and has paved the way for a climb towards $87.43, a Fibonacci projection. Moving average studies are in bull-mode condition highlighting an uptrend. Initial firm support lies at $78.69, Aug 3 low.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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