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Weakness Accelerates As Last Week’s Lows Are Broken

OIL

Oil slides further as NY traders come online, with last week’s low breached in both WTI & Brent futures.

  • Our commodities team continues to flag Chinese demand worry as the major fundamental driver for the pull lower, with the moves accelerating as Brent futures broke through last week’s low and the 50-day EMA ($84.00/83.92).
  • Brent bears now eye Jun 7/4 lows ($79.05/76.66)
  • WTI’s 50-day EMA ($80.07) provides a closer support level in that contract.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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