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WTI Nears Support Level


Crude markets face downward pressure Wednesday as economic weakness out of the US and China combine with high flows out of Iran and optimism around a return of Iraqi flows via Turkey.

  • The uptrend in WTI futures remains intact and short-term weakness appears to be a correction. Firm support to watch is unchanged at $78.33, the Aug 3 low. A clear breach of this level would signal scope for a deeper retracement. For bulls, a resumption of gains would refocus attention on the next objective at $85.24,the 1.236 projection of the Jun 28 - Jul 13 - Jul 17 price swing. Moving average studies are in bull-mode condition that continues to highlight an uptrend.
  • Brent OCT 23 down -1.5% at 82.77$/bbl
  • WTI OCT 23 down -1.5% at 78.42$/bbl

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