Crude Oil (WTI)

Key insight

$84.44 clears 50-day MA (~$83.50) on a day equities sold off — divergence from S&P 500 (-0.4%) flags commodity-specific buying; next resistance at $85.80 Aug swing high. Hold above $83.00 to keep bull structure intact.

+1.78% surge to $84.44 defies broad equity weakness — WTI breaking above the 50-day MA at ~$83.50 signals supply-side tightness outweighing demand fears from falling risk assets.

Main risk

China Demand Slowdown

Weakening Chinese manufacturing PMI undermines the demand side; a break below $82.00 (200-day MA) would confirm macro headwinds overriding supply cuts.