Crude Oil (WTI)

Key insight

84.31 trades above key 200-day MA (~$82) while S&P 500 dips 0.3% — crude's relative strength signals supply-driven bid. Break above $85.50 Aug resistance opens run to $88.

Holds $84.31, up 0.77% — outperforming risk assets as equities slide. 200-day MA near $82 acting as floor; supply discipline from OPEC+ keeps downside contained.

Main risk

China demand disappointment

Weakening Chinese manufacturing PMI below 50 strips the demand narrative — a break of $82 200-day MA would re-open $78 as the next major support.