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Crude Rises On Tense Geopolitical Situation

OIL

Oil prices were over 1.5% higher in Monday’s trading as geopolitical risks to production and transport remain high in the Middle East and increased in Russia after Ukrainian drones hit a gas terminal in St Petersburg near a crude export facility. Disruptions to supply in the US and Libya are easing though. The USD index was up slightly.

  • Brent broke through $80 during late NY trading but couldn’t hold it and is now $79.85/bbl up 1.6%. It reached a high of $80.55, close to resistance of $80.75, January 12 high. Brent’s prompt spread is bullish due to current geopolitical risks.
  • WTI rose above $75 to a high of $75.46/bbl, through resistance of $74.23 and approaching the bull trigger at $76.31, December 26 high. It is currently 1.9% higher at $74.62.
  • Crude has been range trading through January as soft fundamentals are offset by a tense geopolitical situation.
  • Libya’s National Oil Corp has said that production will resume at the country’s largest oil field but it will take 3 weeks to bring it back to the usual 270kbd, according to Bloomberg.
Energy BulletsCommodities
Energy BulletsCommodities

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