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Mixed Session For Oil Whilst Gold Gains Despite USD Net Strength

  • Crude oil has seen a mixed day but is ultimately finishing broadly unchanged, rising on Putin’s address and partial mobilisation along with “overt nuclear threats” in the words of Biden, before being helped lower by weak US gasoline demand and then ultimately moving sideways through the FOMC announcement and press conference.
  • WTI is -0.3% at $83.66, not troubling the bear trigger at $81.20 (Sep 8 low) but the path of least resistance still lower. In the CLX2, most active strikes today have been $75/bbl puts.
  • Brent is -0.1% at $90.56, still eyeing support at $88.5 (Sep 19) and then the bear trigger at $87.24 (Sep 8 low).
  • Gold is +1.1% at $1682.5 despite net USD strength on the day having earlier cleared $1688.9 (Sep 1 low) to open resistance at $1735.1 (Sep 12 high).

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