Oil price halts decline as silver, orange juice prices slip
Oil price halts decline as silver price drops and orange juice prices come off record highs ahead of Friday’s US Non-Farm Payrolls.
![Oil](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/news-article-image-folder/Adobe_oil_07-30-2024.jpeg/jcr:content/renditions/original-size.webp)
Brent crude oil bounces back
The drop in the Brent crude oil futures’ price from last week’s 80.61 high has taken it to Monday’s 76.13 low amid expectations of growing supply as OPEC recently announced plans to increase production. Below Monday’s low at 76.13 lies strong support between the 75.24-to-74.97 early- to mid-August lows.
While 76.13 underpins, last Tuesday’s low at 78.60 might be revisited.
![Brent crude oil chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/03092024LCO-Daily.png/jcr:content/renditions/original-size.webp)
Spot silver price on track for third straight day of falling prices
Last week the spot silver price topped out at $30.19 per troy ounce with it now being on track for its third straight day of falling prices. The mid-August high at $28.05 represents the next downside target ahead of the late July-to-mid-August lows at $27.31-to-$27.18.
Resistance can be spotted around the 22 August low at $28.79 and the 55-day simple moving average (SMA) at $29.20.
![Spot silver chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/03092024XAGUSD-Daily.png/jcr:content/renditions/original-size.webp)
Orange juice price likely topping out
Following last week’s swift sell-off from their 487.93 record high, front month orange juice futures prices staged a minor comeback from last week’s 438.38 low to Friday’s 466.99 high. This may be followed by further downside as long as the May and August peaks at 482.54-to-487.93 cap on a daily chart closing basis.
A slip through last week’s low at 438.38 would engage the 55-day SMA at 434.70 and the January-to-September uptrend line at 428.40.
![Orange juice chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/platform-article-images/03092024OJ-Daily.png/jcr:content/renditions/original-size.webp)
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/Rebrand/Article_banners/Commodities-global-component-banner.jpg/jcr:content/renditions/original-size.webp)
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only