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Dollar Strength Weighs On Crude Oil and Gold

  • Crude oil is off lows but nevertheless has slid today as a stronger USD trumped any perceived demand boost following a stronger than expected April reading for the Empire State manufacturing index.
  • In more specific news, Iraq’s federal government and the KRG have cleared up technical issues essentially to resuming northern oil exports from the Turkish port of Ceyhan according to Reuters sources.
  • Elsewhere, the US Treasury published a warning to US companies of possible evasions of the Russian oil price cap exported through the Eastern Siberia Pacific Ocean (ESPO) pipeline and ports in eastern Russia.
  • WTI is -1.8% at $81.01, falling further away from key resistance at $83.53 but remaining off support at $79.00 (Apr 3 low).
  • Brent is -1.6% at $84.92, moving closer to support at $83.50 (Apr 3 low).
  • Gold is -0.4% at $1996.27, fading on the USD strength and higher Tsy yields but holding above support at $1981.7 (Apr 10 low).

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