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Crude Oil Ends Softer On Potential Venezuela Supply

COMMODITIES
  • Crude oil prices ending the session lower as the US Treasury, with the decline coming as the US allows Chevron to negotiate its oil license with Venezuela’s PDVSA with a further decline into settlement.
  • Prices had previously ground higher on a China re-opening/risk-on theme which also saw further increases in gasoline prices ahead of the summer driving season.
  • Separately, US Treasury Officials plan to propose to European countries a tariff on Russian oil as a faster alternative to an outright ban.
  • WTI is -1.6% at $112.4. Resistance is eyed at the earlier high of $115.56 after which it opens the Mar 9 high of $118.13, whilst support is the 20-day EMA of $105.52.
  • Brent is -2.1% at $111.82. Resistance is the earlier high of $115.69 having stopped just shy of testing a bull trigger at $115.76 (Mar 24 high), whilst support sits at $107.87 (20-day EMA).
  • Gold dips -0.45% to $1815.85 as Treasury yields rise with Fed hike expectations. It remains vulnerable despite yesterday’s recovery having traded through the $1800 handle, setting the scene for an extension lower towards the next key support at $1784.4 (Jan 28 low).
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