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Crude Oil Closes In On Bear Trigger On Market Turmoil

COMMODITIES
  • Crude oil sees heavy declines building into the close, with front WTI crude futures briefly slipping over 5% on the day and narrowing the gap with December lows. Wider financial market concerns are weighing, with further details here.
  • WTI is -5.1% at $70.99, through $72.30 (Mar 13 low) and close to the bear trigger at $70.86 (Dec 9 low). Sizeable options volumes again today with most active strikes for the CLJ3 at $70/bbl puts.
  • Brent is -4.5% at $77.1, through support at $78.34 (Mar 13 low) and $77.76 (Jan 5 low), opening the bear trigger at $76.04 (Dec 12 low).
  • Gold is -0.2% at $1909.47 after a mixed session that broadly consolidates a $90 surge since SVB’s situation first came to light on Thursday. It doesn’t test yesterday’s high of $1914.66 after which lies resistance at $1923.2 (76.4% retrace of Feb 2 – 28 sell-off), whilst support at $1871.6 (Mar 13 low) remains intact.


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