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Crude Oil Muddles Through, Gold Builds As DXY Declines

  • Crude oil are closing out near flat on the day after some intraday volatility to consolidate yesterday’s slide despite today seeing a sizeable retracement in USD moves having weighed so heavily yesterday.
  • OPEC Secretary-General Haitham al-Ghais rejected the criticism by the IEA that voluntary oil production cuts by several OPEC+ states would aggravate inflation and cause heightened economic uncertainty.
  • WTI (CLK3) is unch% at $80.83 off a low of $79.87 that remained off support at $79.00 (Apr 3 high).
  • The CLM3 sees largest OI now though, with the day’s most active strikes for sizeable downside protection at $70/bbl puts.
  • Brent is -0.0% at $84.71 off a low of $83.81 that briefly cleared supprot at $83.50 (Apr 3 low), a clearer break of which could open $79.95 (Mar 31 high).
  • Gold is +0.5% at $2004.82 as it recovers along with the dollar index turning lower, but remains easily below resistance at $2048.7 (Apr 5 high).

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