Brent Breaches $100

WTI and Brent trade over $4.00 above their respective settlement levels, ~$1.00 shy of their session peak, with Brent futures now comfortably above $100.00bbl.

• The move higher was catalysed by Russian President Putin announcing military operations in the Donbas to “demilitarise” Ukraine, while stating that conflict between both countries was “inevitable” and a “question of time”. A statement in response from U.S. President Biden that the “world will hold Russia accountable” also fed into the bid.
• From a technical perspective, the uptrend has extended. The earlier rally has seen WTI and Brent clear resistance at $95.38 (2.764 proj. of the Dec 2-9-20 price swing) and $101.49 (3.00 proj of the Dec 2-9-20 price swing) respectively, with $97.91 (3.00 proj. Of the Dec 2-9-20 price swing) for WTI and $104.04 (3.236 proj. of the Dec 2-9-20 price swing) for Brent now in focus.