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Oil Buoyed By Risk-On And OPEC+ Hesitancy

COMMODITIES
  • Crude oil has been boosted by risk-on following the US open, reports that OPEC+ will not raise outputs beyond the currently announced increases plus an earlier nudge from signs lockdowns in China are easing.
  • WTI is +3.5% at $114.17, clearing initial resistance at $113.20 (May 17 high) and close to testing $115.04 (Mar 08 high) after which it eyes the trend high at $116.43.
  • The most active strikes by far today in the Jul'22 have been $120/bbl calls.
  • Brent is +3.1% at $117.52, clearing a bull trigger at $115.76 (Mar 24 high) and opening $121.13 (Fibo retracement of the Mar 7-15 downleg).
  • Gold meanwhile dips -0.15% to $1850.57 despite USD weakness as Treasury yields creep higher on the day.
  • The trend direction is seen down with recent increases considered corrective but still opening resistance at $1869.7 (May 24 high) having recently traded above the 20-day EMA of $1859.7.
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