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Crude Oil Resumes Climb To Open 50-day EMA Resistance

COMMODITIES
  • Crude oil has returned to gains after yesterday’s blip lower. Gains were attributed to a weaker dollar and broader market moves, whilst low volumes and fears of rising interest rates are adding to nervous trade.
  • Front WTI outperforms Brent the day after a surprise drop in US inventories. Separately, supply from Iraq’s Kurdistan region remains offline as talks between the Iraqi and Kurdish governments aren’t scheduled to resume before next week, after DNO announced it would start shutting down production fields yesterday.
  • WTI is +1.8% at $74.27, pushing closer to resistance at the 50-day EMA ($75.12) after which lies $77.10 (76.4% retrace Mar 7-20 downleg).
  • Brent is +1.1% at $79.16, through resistance at $79.68 (Mar 29 high) to open the 50-day EMA of $80.71.
  • Gold is +0.8% at $1981.22 as it benefits from a weaker dollar index in a move that more than reversed yesterday’s push higher for the latter. It moves closer to, but doesn’t test, resistance at the bull trigger of $2009.7 (Mar 20 high).

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