Free Trial

Crude Oil Closing Higher After Bounce From Technically Oversold

  • Crude oil has edged out gains after Friday’s losses following payrolls and ISM beats despite Treasury yields and the USD continuing to climb for a second day. The move firmer came after pulling back from an earlier slide on oil demand concern which pushed it briefly into technically oversold territory.
  • WTI is +1.0% at $74.10 off a low of $72.28 that briefly cleared a key support at $72.74 (Jan 5 low) that could next open the bear trigger at $70.56 (Dec 9 low).
  • Brent is +1.2% at $80.90 off a low of $79.13 that remained above the Jan 5 low of $77.77.
  • Gold is +0.3% at $1870.22 as it holds up surprisingly well against a stronger USD backdrop, still seeing support at Friday’s post-payrolls/ISM low of $1861.4 whilst resistance remains the 20-day EMA at $1903.4.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.