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Oil Boosted By China Reducing Quarantine Rules But Still Ends Week Lower

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  • Crude oil prices extended yesterday’s post-US CPI rally with a sharper increase with China reducing international travel and quarantine restrictions, whilst OPEC+ will remain cautious on production according to Saudi Arabia’s energy minister. Demand fears have continued to weigh over the week though, with prices still down 3-4.5%.
  • Reuters reports that insurers could stay away from new contracts if there aren’t additional details from G7/EU on oil price cap.
  • WTI is +2.4% at $88.52, having cleared resistance at $89.24 (Nov 9 high) to potentially open key resistance at $93.74 (Nov 7 high). Most active strikes in the CLZ2 have been $92/bbl and $91/bbl calls.
  • Brent is +2.0% at $95.50 off a high of $96.92, remaining below the bull trigger of $99.56 (Nov 7 high).
  • Gold is +0.5% at $1765.1, finding resistance at $1765.5 (Aug 25 high), clearance of which could open the psychological $1800.0.
  • Weekly: WTI is -4.5%, Brent is -3.1%, Gold is +5.0%, US Nat Gas -8.4%, EU TTF Gas -14.8% as EU gas prices extend declines with strong LNG flows and near full storage levels.
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  • Crude oil prices extended yesterday’s post-US CPI rally with a sharper increase with China reducing international travel and quarantine restrictions, whilst OPEC+ will remain cautious on production according to Saudi Arabia’s energy minister. Demand fears have continued to weigh over the week though, with prices still down 3-4.5%.
  • Reuters reports that insurers could stay away from new contracts if there aren’t additional details from G7/EU on oil price cap.
  • WTI is +2.4% at $88.52, having cleared resistance at $89.24 (Nov 9 high) to potentially open key resistance at $93.74 (Nov 7 high). Most active strikes in the CLZ2 have been $92/bbl and $91/bbl calls.
  • Brent is +2.0% at $95.50 off a high of $96.92, remaining below the bull trigger of $99.56 (Nov 7 high).
  • Gold is +0.5% at $1765.1, finding resistance at $1765.5 (Aug 25 high), clearance of which could open the psychological $1800.0.
  • Weekly: WTI is -4.5%, Brent is -3.1%, Gold is +5.0%, US Nat Gas -8.4%, EU TTF Gas -14.8% as EU gas prices extend declines with strong LNG flows and near full storage levels.