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WTI Briefly July Support, Gold Only Modestly Gains From USD Weakness

COMMODITIES
  • Crude prices have struggled for direction today, mostly consolidating yesterday’s slide although WTI did see a clearance of support at an early July low.
  • Iraq has renewed its support for the OPEC+ and commitment to voluntary reduction, Deputy PM for Energy Affairs and Oil Minister Hayyan Abdul Ghani said according to the Iraqi News Agency.
  • Chinese crude oil imports fell to 42.45mn tons in November, down from 48.97mn tons in October and the lowest monthly level since April, customs data showed.
  • Russian Urals crude has fallen back below the G7 price cap of $60/bbl for the first time since July, according to Argus.
  • WTI is near unchanged at $69.36, with a low of $68.84 briefly clearing support at $69.09 (Jul 3 low) before bouncing. It opens $67.28 (June 23 low).
  • Brent is -0.3% at $74.11 off a low of $73.70 that remained above support at $73.50 (Jul 6 low).
  • Gold is +0.2% at $2029.8, seeing relatively little intraday boost from the USD sliding with JPY strength. Resistance is still seen at $2072.7 (50% retrace of Dec 4-5 downleg).

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