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Crude Gains On Middle East Tensions, Less So Gold

COMMODITIES
  • Crude is holding onto strong gains amid headlines implying further escalation in the Israel-Hamas conflict, although both WTI and Brent remain below yesterday’s intraday peak.
  • Israel says it is fighting ‘face-to-face battles’ with Hamas as its troops move deeper into Gaza according to NYT. Meanwhile, The Wall Street Journal has reported that the Russian paramilitary Wagner Group may provide an air defence system to the Iranian-backed Lebanon-based Hezbollah.
  • The New York Times also reported that US Secretary of State Anthony Blinken is to press Israel for pauses in war against Hamas.
  • WTI is +2.65% at $82.58, moving back closer to resistance at $85.90 (Oct 27 high).
  • Brent is +2.65% at $86.89, moving back closer to resistance at $89.49 (Oct 24 high).
  • Gold is +0.2% at $1985.75, again not troubling support at $1950.4 (20-day EMA) or resistance at $2009.4 (Oct 27 high) whilst the trend outlook appears bullish.
  • MNI COMMODITY ANALYSIS: Chinese Refiners Depend on Sanctioned Barrels as Margins Tighten - Full piece here: https://enews.marketnews.com/ct/x/pjJscQOPkeoI6agzdR1zHg~k1zZ8KXr-kA8x6nEXZCiptIPjO1OcQ

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