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Oil Clears 20-day EMA With Demand Hopes, GS Targets $110/bbl

COMMODITIES
  • Crude oil has seen sizeable gains today, holding onto gains and even extending them after a shakeout with EIA US inventory data showing a large build in crude stocks.
  • GS targets $110 Brent oil by Q3 if China and other Asian countries fully reopen (whilst also targeting copper $11,500 by the end of 2023 having topped $9,000/ton for the first time since June this week).
  • WTI is +2.7% at $77.14, having cleared the 20-day EMA of $76.37 to next eye $78.50 (50-day EMA).
  • Brent is +2.8% at $82.33, having cleared the 20-day EMA of $81.59 to next eye $83.68 (50-day EMA).
  • Gold is +0.04% at $1877.85, fluctuating through the session with little clear new trend for the US dollar index ahead of tomorrow’s US CPI report. Resistance remains at $1896.5 (61.8% retrace of the Mar-Sep bear leg).
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