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Geopolitical Risk Premium Rises

OIL
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Oil prices rose sharply on Tuesday to their highest since May 1 driven by geopolitical tensions and signs of robust travel numbers over the US Memorial Day long weekend. The USD rose 0.1% on higher yields and stronger-than-expected US consumer confidence.

  • WTI rose 2.2% to break the $80 level but is still down 1.2% in May. It has started today around $80.24/bbl above initial resistance at $80.11, May 20 high, opening up $83.63, April 26 high. The bull trigger is at $86.16. Initial support is at $76.36, May 15 low.
  • Brent is up 1.8% to $84.60 above initial resistance at $84.08 opening up $88.64, April 26 high. The bull trigger is at $91.18, April 12 high. Initial support is at $80.65, May 24 low.
  • Oil’s geopolitical risk premium rose after an altercation at the Rafah border crossing between Israel and Egypt killed an Egyptian soldier and Israel armed forces moved into central Rafah. Houthi rebels also attacked a bulk carrier off Yemen.
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Oil prices rose sharply on Tuesday to their highest since May 1 driven by geopolitical tensions and signs of robust travel numbers over the US Memorial Day long weekend. The USD rose 0.1% on higher yields and stronger-than-expected US consumer confidence.

  • WTI rose 2.2% to break the $80 level but is still down 1.2% in May. It has started today around $80.24/bbl above initial resistance at $80.11, May 20 high, opening up $83.63, April 26 high. The bull trigger is at $86.16. Initial support is at $76.36, May 15 low.
  • Brent is up 1.8% to $84.60 above initial resistance at $84.08 opening up $88.64, April 26 high. The bull trigger is at $91.18, April 12 high. Initial support is at $80.65, May 24 low.
  • Oil’s geopolitical risk premium rose after an altercation at the Rafah border crossing between Israel and Egypt killed an Egyptian soldier and Israel armed forces moved into central Rafah. Houthi rebels also attacked a bulk carrier off Yemen.