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Dollar Dip Boosts Oil, Gold

COMMODITIES
  • Crude oil has tracked sideways for most of the session but early gains see a circa 1% increase to continue late week’s late recovery, helped by the lower USD, before a levy on fossil fuel companies being included in the EU’s draft energy plan plus a strategy of a mandatory cut in power demand added some volatility.
  • A re-steepening of the slope in backwardation suggests early signs that crude is bottoming.
  • WTI is +1.1% at $87.76 having fleetingly cleared resistance at the 20-day EMA of $89.01. More sustained upward pressure would open the 50-day EMA of $92.20.
  • Brent is +1.2% at $93.96, with a clearer break of the 20-day EMA of $94.61 before retracing, but opening the 50-day EMA of $96.93 in the process.
  • Gold is +0.5% at $1725.82 but also cleared the 20-day EMA of $1730 and opens the 50-day EMA of $1754.7 as bears pause for breath.
Energy BulletsCommodities
Energy BulletsCommodities

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