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West Texas Intermediate – the benchmark US Crude Oil price – scales higher for the third straight day – also marking the fifth day of a positive move in the previous six – and climbs to a fresh high since July 24 during the Asian session on Wednesday. The black liquid currently trades around mid-$90.00s, up 1.20% for the day, and seems poised to prolong the weekly uptrend amid escalating US-Iran tensions.
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The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.
On September 8, Canada begins charging its own importers 15%, 25% and 50% on roughly 700 lines of American goods. The measure is billed as dollar for dollar, and on the arithmetic of covered trade it is. What it is not is a tax on the United States.
Cryptocurrencies
XRP faces intensifying headwinds, trading at $1.37 on Tuesday, while the 200-day EMA provides immediate support. XRP remains vulnerable to further downside, as weakening momentum signals continue to exert pressure.
Bitcoin stalls while holding above $78,000 support as ETF inflows return. Ethereum takes a breather around $2,450 amid sustained institutional support. XRP remains pressured as the 200-day EMA provides immediate support.
Bitcoin starts September on a stronger footing after delivering a nearly 25% monthly return in August, its best performance in 21 months. BTC is trading above $78,900 on Tuesday, while renewed spot ETFs inflows and Strategy’s latest Bitcoin purchase signal continued institutional demand.
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