March 21, 2023 19:07 GMT
Oil Climbs and Gold Slumps on Reduced Bank Fears
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- Crude oil prices have pushed higher for the second day along with more upbeat risk sentiment concerning the US regional banking crisis (potentially considering raising deposit insurance limit), with Tsy yields up strongly and the S&P e-mini climbing more than 1%.
- Coming after the bulk of the day’s increase had already been seen, Russia’s Novak said it will continue its 500kbpd oil production cut until the end of Jun’23, with those cuts being reached in coming days.
- Of the more bullish trader calls, Pierre Andurand predicts a surge to as high as $140 by year-end.
- WTI is +2.5% at $69.33 as it nears resistance at $69.83 (Mar 17 high) after which lies $72.71 (Mar 15 high).
- Brent is +1.8% at $75.13, also nearing resistance at $75.92 (Mar 17 high) after which lies $78.84 (Feb 6 low).
- Gold is -2.2% at $1935.64 in a significant reversal of equally sizeable increases that had pushed it above $2000 yesterday. It crashes through support at $1959.7 (Feb 2 high and recent breakout level) to next open $1918.3 (Mar 17 low).