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EU Looking At Russia Oil Price Cap In Earnest

  • Crude oil continues a mixed week, retracing from earlier session highs but keeping mild gains on the day as various sources look for the EU to rush to agree on a Russia oil price cap after Putin’s threats. Separately, Exxon was forced to shut down operations at its 235kbpd Fos-Sur-Mer refinery due to industrial action.
  • WTI is +0.5% at $83.37 and despite hitting a high of $86 remains within yesterday’s range, leaving resistance at $86.68 (Sep 21 high) and support at $81.73 (Sep 19 low) with a bearish outlook.
  • Brent is +0.5% at $90.3 also remains within yesterday’s range, maintaining resistance at $93.5 (Sep 21 high) and support at $88.5 (Sep 19 low) with a bearish outlook.
  • Gold is -0.2% at $1670.88, having been pulled two ways after BoJ intervention but Russia-Ukraine tensions rising. It came very close to testing support at $1654.2 (Sep 16 low) early in the session before swinging to almost testing resistance at $1688.9 (Sep 1 low).

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