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Crude Oil And Gold Chip Away At Last Week's Declines, Helped By Softer USD

COMMODITIES
  • Crude oil has seen decent intraday gains after reversing weakness through Asia hours to sit a little more than 1% higher on the day after last week’s sell-off. The USD index extending declines through the session helps with relatively few oil-specific drivers.
  • Libya is to ramp up its crude oil exports in May, aiming for 1.06mbpd from the 993kbpd planned for April.
  • Gasoline prices at the pump marked a modest weekly decline on Sunday, their first in four weeks -- and may have already reached their summer season peak, according to GasBuddy - more.
  • WTI is +1.3% at $78.74, with a high of $79.18 poking above resistance at $79.07 (Apr 20 high) to open $81.24 (Apr 19 high). In options space, the day’s most active strikes in the CLM3 are seen in $75/bbl puts.
  • Brent is +1.3% at $82.75 after a high of $82.95 poked above resistance at $82.92 (Apr 20 high) with a clearer break required to open $85.15 (Apr 19 high).
  • Gold is +0.3% at $1989.37 with gains concentrating in recent hours with that aforementioned continued decline in the DXY. Resistance remains at $2015.1 (Apr 17 high).
Energy BulletsCommodities
Energy BulletsCommodities

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