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Crude Oil Edges Out Further Gains Amidst Weaker USD

COMMODITIES
  • Crude oil is edging out gains having traded lower through Asia hours in particular before moving higher through both the European and US session as USD weakness developed.
  • In the US, the EIA sees major shale drillers as set to boost oil production in March to an all-time high on expectations for a recovery in petroleum consumption, the latter helped by a robust return of China oil consumption.
  • WTI is +0.4% at $80.07 having pulled back off a high of $80.62 that cleared initial resistance at $80.33 (Feb 10 high) to open key resistance at $83.14 (Dec 1 high).
  • Brent is +0.1% at $86.48, also pushing through $86.90 (Feb 10 high) with $86.95 to tentatively open the bull trigger at $89.00.
  • Gold is -0.7% at $1852.86 ahead of tomorrow’s US CPI, despite USD weakness and relatively little change in US Tsy yields. Potentially some technical levels at play having pushed through the 50-day EMA at $1855.5 to open a key near-term support at $1825.2 (Jan 5 low).
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