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Crude Oil Closing Higher After Bounce From Technically Oversold

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  • 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.
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  • 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.