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Crude Recovers Ground But Net Down on the Week

OIL

Crude futures and time spreads extend the recovery today on improved risk sentiment to regain much of the decline seen yesterday. Front month futures are still net down about 4$/bbl on the week amid global demand concern.

  • The Jan 24 Brent contract has this week traded through support levels to strengthen the current bear cycle. First resistance is at the Oct 6 low of 82.2$/bbl with support down at a Fibonacci retracement point at 78.89$/bbl. WTI support is at 74.26$/bbl with key resistance up at 83.6$/bbl.
    • Brent JAN 24 up 2.3% at 81.37$/bbl
    • WTI DEC 23 up 2.3% at 77.03$/bbl
    • WTI-Brent down -0.2$/bbl at -4.39$/bbl
    • Brent JAN 24-FEB 24 up 0.13$/bbl at 0.26$/bbl
    • Brent JUN 24-DEC 24 up 0.19$/bbl at 2$/bbl
    • WTI DEC 23-JAN 24 up 0.02$/bbl at 0.04$/bbl
    • WTI DEC 23-DEC 24 up 0.46$/bbl at 3.55$/bbl
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