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Crude Oil Sideways, EU Nations Remain Divided On Price Cap

COMMODITIES
  • Crude oil has moved sideways through the session in holiday trade, consolidating yesterday’s slide on China Covid fears and relaxations on the proposed Russia price cap that reduced fears of tighter supply.
  • On the latter, EU nations remain divided on setting a price cap with that $65-70/bbl criticized for not being harsh enough, with six nations reported to oppose the current price cap levels. Putin says a price cap will have "serious consequences" for the global energy market.
  • Separately, Venezuela’s government and opposition will resume political talks after more than a year in Mexico, potentially paving the way to lift crude oil sanctions.
  • WTI is +0.01% at $77.95, with resistance at $82.43 (Nov 18 high) and key medium-term support at $74.96 (Sep 28 low).
  • Brent is -0.1% at $85.34 with resistance at $90.63 (Nov 18 high) and support at $82.31 (Nov 21 low).
  • Gold is +0.3% at $1754.34 with the US dollar fading, nudging slowly towards resistance at the bull trigger at $1786.5 (Nov 15 high).
Energy BulletsCommodities
Energy BulletsCommodities

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