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Oil Adds to Recent Gains, WTI Narrows in on $80

COMMODITIES
  • WTI and Brent crude futures added to the week's gains Tuesday, inching higher across US hours to touch fresh cycle highs. The moves follow OPEC+'s decision to keep output policy unchanged on Monday, signalling to markets that the group will tolerate restricted output in return for higher prices.
  • The break higher this week confirms an extension of the current bullish price sequence of higher highs and higher lows and attention turns to $79.53 for WTI, a Fibonacci projection and the $80.00 psychological hurdle.
  • Unlike energy products, gold and silver are in negative territory, with gold edging off Monday's highs as equities bounce off the lower levels of the week. A break of $1721.7, Sep 29 low would confirm a resumption of weakness and open key support at $1690.6, Aug 9 low. A late rally in the yellow metal was insufficient to turn the outlook more positive.
Energy BulletsCommodities
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