Post-OPEC+ oil price recovery fades away – TDS
Source Fxstreet
Crude Oil's recovery could start to fade as upside momentum eases, TDS Senior Commodity Strategist Ryan McKay notes.
Markets may halt their Brent and WTI buying program
“In WTI crude, Commodity Trading Advisors (CTAs) will need to see prices breakthrough $80/bbl to see a continuation of the recent buying program, while liquidations appear to be the more likely risk with downside triggers at $78.36/bbl. Brent crude could also see selling on a failure to break through the $83/bbl level.”
“Indeed, while the market has recovered nicely from the OPEC driven knee-jerk lower, there is still more relative concern about Q4 balances and beyond, which should serve as a resistance to major upside.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The US Dollar is unable to put any significant distance from last week’s long-term low at 0.7960 area, as the pair remained capped below 0.8000 on Monday
WTI prices are still about $12 below the previous Monday's high, as prices lack upward momentum due to easing Middle East peace tensions and OPEC+ members expecting another increase in production in August.
Gold (XAU/USD) is bouncing higher on Monday, but the broader trend remains bearish, following a nearly 3% decline last week.
The US Dollar has bounced up from three-year lows on Monday, but remains depressed below the 97.00 level.
UK car export tariffs to the US cut from 27.5% to 10%, saving manufacturers hundreds of millions annually.
Related Instrument
