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Crude Registers Fresh Highs For The Week

OIL

No headlines observed as crude oil futures pop higher. Bulls have forced WTI & Brent above $73 & $76 respectively. The benchmarks have recouped ~$11/bbl in the rally from last week’s lows, with omicron fear fading, providing more faith in medium-term oil demand outlooks. From a technical perspective, the 50-day EMAs in both contracts provide the next real target for bulls, after the benchmarks extended through their previous week-to-date peaks on the run higher in Asia-Pac trade (which points to a technical/flow-driven move).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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