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Crude Starts Session Down Despite Escalation Of Gaza Conflict


Oil prices rose strongly on Friday as geopolitical tensions rose as a ground invasion of Gaza looked imminent. This occurred over the weekend and so crude is likely to remain sensitive to developments and watch risks of the conflict spreading closely. In addition the Fed meets on Wednesday. Crude has started the week lower. The USD index was flat.

  • WTI rose 2.3% to $85.16/bbl which followed an intraday high of $85.90 shortly before. The low was $83.10. Resistance is at $89.85, October 20 high. WTI is 4.1% lower this month due to lower demand for gasoline refining. It is currently trading at $84.73.
  • Brent rallied 2.5% to close above $90 at $90.12/bbl following a high of $90.75. The low was at $87.83. Resistance is at $93.79. Brent is down 1.9% in October despite the onset of renewed conflict in Israel/Gaza. It is currently at $89.63.
  • Physical oil markets are reflecting weak demand with refining down.

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