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Weak US Manufacturing ISM Outweighs Saudi Output Cut Extension

OIL

Oil prices were lower again on Monday down around 0.6%. It rose on news that Saudi Arabia and Russia would extend output cuts but didn’t sustain the rally as the weaker-than-expected US manufacturing ISM drove a resurfacing of demand concerns. The USD index recovered from its post-data dip and finished 0.1% higher.

  • WTI fell 0.7% on Monday and has started the APAC session lower. It is holding just above $70 at $70.05/bbl. It reached an intraday high of $71.77 following news of the extension of OPEC production cuts. Resistance is at $72.72. Following disappointing US data it fell to a low of $69.69. Brent was 0.6% lower to $74.96, off the intraday low of $74.56, after a high of $76.60 earlier. Resistance is at $77.25.
  • Saudi Arabia announced that it would extend its 1mbd output cut that began this month into August and it could be prolonged beyond that depending on market developments. Russia also said that it would decrease exports and production by 500kbd in August but it is doubtful that this is in addition to the cut announced in April.
  • Trading is likely to be thin today given the US Independence Day holiday.
Energy BulletsCommodities
Energy BulletsCommodities

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