Brent crude oil and sugar trade in five- and six-month lows while wheat rises
Outlook on Brent crude oil, Chicago wheat and sugar as US dollar regains recently lost ground.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/bg_fuel_pump_petrol_oil_gettyimages_1318989230.jpg/jcr:content/renditions/original-size.webp)
Brent crude oil tumbles to five-month low
The five straight day drop in the front month Brent crude oil futures contract’s price amid squabbling OPEC+ members with regards to future output cuts and ample supply has taken it to a five-month low at 74.16. A slip through this level could lead to the late June low at 71.85 being next in line. Minor resistance lies at the 76.67 mid-November low.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/07122023LCO-Daily.png/jcr:content/renditions/original-size.webp)
Chicago Wheat capped by technical resistance
Chicago wheat front month futures contracts are on track for their eight’s consecutive day of gains as funds continue to cover large shortages as the year draws to a close amid China's wheat export cancellation which adds upside pressure to global wheat values. The 200-day simple moving average (SMA) at 641.87 is being revisited, having capped front month futures on Wednesday. A rise above this week’s high at 650.40 may still happen, though, with the 7 August high at 679.70 then being in focus. Strong support below Wednesday’s 627.3 low comes in between the October-to-November highs, between roughly 620 and 617.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/07122023W-Daily.png/jcr:content/renditions/original-size.webp)
Sugar #11 recovers from six-month low
Front month sugar futures prices plummeted over the past couple of weeks as supply concerns ease with these dropping to 22.61, a six-month low. Short-covering following the recent 16% drop is currently taking place but the late July low at 23.93 may cap, though. Further resistance sits at the 4 December low at 24.28. Failure at this week’s 22.61 low would push the 21.89 June trough to the fore.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/07122023SB-Daily.png/jcr:content/renditions/original-size.webp)
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.