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Free AccessCrude Oil Recovers To Edge Higher After Prior Week Slide
- Crude oil has edged higher today having reversed earlier downward pressure along with a recovery in equities and cross asset risk sentiment more broadly.
- However, up less than 1% on Friday’s close, it does little to claw back last week’s 13% slide for WTI (the largest since Apr’22), whilst the Brent Dec-Dec spread narrowed to its weakest level since Dec’21 as long-term demand fears still weigh.
- WTI is +0.9% at $67.31 off an intraday low of $64.12 that forms initial support after which sits a key support at $62.43 (Dec 2, 2022 low cont). Resistance is seen at $69.64 (Mar 17 high).
- In options space, most active strikes in the CLK3 have been at $75/bbl calls today.
- Brent is +0.8% at $73.52 off a low of $70.12 and round number support at $70. Resistance is seen at $70.57 (Mar 17 high).
- Gold is -0.3% at $1983.1 as it pulls back from a high of $2009.7 with a reversal of an earlier rally in Treasury yields, The clearance of the psychological $2000 handle further strengthens the current uptrend and opens $2034 (2.00 proj of Sep 28-Oct rally drawn from Feb 28).
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.