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Oil Boosted As Russian Import Ban Weighed

  • Crude oil prices are up 3-4% from Friday’s close on the US moving nearer to banning Russian oil imports, although it pulled back from an extremely strong open after Germany indicated it had no plans to halt Russian imports.
  • WTI is 2.8% at $118.81, with the size of recent moves leaving an extremely wide technical corridor with resistance at $130.50 (the fleetingly touched overnight high) and support at $105.18 (Mar 2 low).
  • Brent is +3.9% at $122.8 and similarly sees initial resistance of $139.13 (intraday high) and support of $106.83 (Mar 2 low).
  • Gold is +1.2% at $1993.55 as it continues to flourish with this geopolitical backdrop and rampant inflation expectations, spurred on more recently by a lack of progress in Russia-Ukraine talks. Resistance is now seen at the earlier intraday high of $2002.6 and then a Fibonacci projection of $2004.4 whilst initial support is seen at Friday’s low of $1929.9.
  • Separately, with Europe looking at heavily reducing dependency on Russian gas, natural gas prices have surged another 17% today, leaving prices up a huge 216% year to date.
  • Special mention goes to nickel with prices up as much as 90% to $55,000 a metric ton, topping a previous record of $51,800 in 2007, as fears over Russian supplies left buyers exposed to a historic squeeze.

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