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Crude Oil Breaks Recent Gains Despite Surprise Inventory Draw

COMMODITIES
  • Crude oil has dipped to minor declines for the day after recent gains, with the intraday move lower coming despite larger than expected draws for crude oil and gasoline inventories in EIA data.
  • Russia oil production fell by 300kbpd in the first three weeks of March according to Reuters sources, as part of its target to cut 500kbpd to 9.5mbpd on average through June.
  • WTI is -0.4% at $72.89. Resistance remains at $75.12 (50-day EMA) with support at $66.82 (Mar 24 low).
  • Brent is -0.65% at $78.14. Resistance is set at the intraday high of $79.64 after which sits the 50-day EMA of $80.81, whilst support is seen at $72.68 (Mar 24 low).
  • Gold is -0.3% at $1968.10, slipping with a reversal of yesterday’s USD weakness. Resistance remains at the bull trigger of $2009.7 (Mar 20 high) with support at $1924.5 (20-day EMA).
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