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Crude Rallies On Improving Risk Sentiment And Supply Disruption

OIL

Oil prices were stronger on Monday as risk appetite improved on hopes that a broader banking crisis would be avoided, supply disruptions and a weaker dollar (DXY -0.3%). WTI rose 5.2% to around $72.81 and Brent +4.2% to $78.16., both close to intraday highs.

  • Trend conditions remain bearish for crude and recent moves off the low are considered corrective but have allowed the oversold condition to unwind. WTI has broken through firm resistance of $72.51, the 20-day EMA.
  • A dispute between Iraqi Kurdistan and Turkey has resulted in the disruption of 400kbd of crude exports. Refineries in France continue to run at only a fraction of capacity due to strikes, which is impacting demand particularly for Nigerian crude.
Energy BulletsCommodities
Energy BulletsCommodities

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