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Crude Oil Helped Lower With Clearance Of Technical Support

COMMODITIES
  • Crude oil extends Friday’s slump with a further 2% decline, with today’s decline partly fuelled by equities more than reversing Friday’s climb.
  • It comes despite Bloomberg noting that much of the US East Coast is at risk of a gasoline shortage this summer as the EU ban of Russian oil products threatens to limit transatlantic supplies of which the US relies on during peak driving season. Separately, Russia’s government has formally banned sales of its crude to any buyers adhering to the G7 price cap.
  • WTI is -2.2% at $77.96, clearing support at $78.45 (Jan 19 low) to next eye $72.74 (Jan 5 low).
  • Brent is -2.1% at $84.81, clearing support at the 20-day EMA of $84.91, next eyeing $82.37 (Jan 12 low).
  • Gold is -0.2% at $1924.09, faring surprisingly well against a USD and Treasury yield push higher throughout the session ahead of a flurry of central bank meetings. It sits between resistance at $1949.2 (Jan 26 high) and support at $1897.00 (20-day EMA).
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