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Oil Bounces Despite Biden’s Gasoline Plea Whilst Gold Slides

COMMODITIES
  • Crude oil reverses yesterday’s sizeable slide with a sizeable gain of its own, boosted after initially little impact from IEA data and continuing despite Biden looking at ways of lower gasoline prices.
  • IEA data showed a small draw in crude stocks compared to the expectation of a small build and distillate four-week average demand continued to recover back up to above normal levels for the time of year.
  • WTI is +2.7% at $85.06, moving back closer to resistance at the 50-day EMA of $87.31.
  • Brent is +2.0% at $91.82, moving closer to resistance at $95.17 (Oct 12 high).
  • Gold is -1.44% at $1628.33 as it is hit hard by a surging USD and Tsy yields. It clears support at $1640.2 and next eyes the bear trigger at $1615.0 (Sep 28 low).

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