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Oil Bounces With Demand Optimism

COMMODITIES
  • Crude oil has trended higher through the day amidst some volatility with US holiday thinned volumes, with gains attributed to China re-opening demand optimism.
  • On the supply side, Kazakhstan has separated its oil exports from those of Russian crude by launching its own KEBCO brand, but sanctions against Moscow are still putting pressure on the price of Kazakh oil pumped through Russian pipelines, Reuters data show.
  • WTI is +1.1% at $77.19. Resistance seen at $80.62 (Feb 13 high) and support at $75.06 (Feb 17 low).
  • Brent is +1.2% at $84.02. Resistance seen at $86.95 (Feb 14 high) and support at $81.80 (Feb 17 low).
  • Gold is -0.1% at $1841.05 with little impetus from the USD today. Resistance is seen at $1892.1 (20-day EMA) and support at $1819.0 (Feb 17 low).

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