Crude oil has proven resilient to the downside – TDS

Crude oil continues to prove resilient, with inventory drawdowns providing modest support to the complex, TDS strategists say.

Crude Oil Remains Strong Amid CTA Buying

“We continue to see the rally may start to fade as Commodity Trading Advisors (CTA) buying flows ease. Prices below US$81.73 per barrel and US$85.46 per barrel for WTI and Brent respectively, will see CTAs ease ( CTA) from buying and liquidating part of the recently acquired length.”

“Apart from renewed CTA flows, there remains more relative concern on Q4 balances and beyond, which should act as resistance to the major upside.”