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Another Round Of Fresh Multi-Month Lows, Brent & WTI Bears Eye Early Feb Bases

OIL

Plenty of focus on the continued weakness in crude oil, which has factored into broader risk-off price action and weighed on EUR 5y5y. Benchmarks are off respective session/fresh multi-month lows, but still over $1.00 lower on the day.

  • There have been several drivers of the weakness in crude since the start of the week:
  • A more bearish medium-term supply outlook in the wake of outcome of the weekend’s OPEC+ meeting
  • Breaks of some key technical support levels in benchmark crude futures.
  • Yesterday’s weak U.S. data.
  • A rebound from lows in the broader USD on Tuesday.
  • This reinforces a bearish technical theme and signals scope for an extension lower near-term.
  • WTI’s next support (a Fibonacci retracement) has given way. This exposes the Feb 5 low, which provides key support.
  • Brent futures also eye their early Feb low.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
EM BulletFixed Income BulletsHomepageBulletMarketsEmerging Market NewsForeign Exchange Bullets

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