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Oil Close To Reversing Yesterday’s Dip

COMMODITIES
  • Crude oil prices have bounced strongly after yesterday’s losses were led by Fed tightening fears. The latest move has been boosted by a marked recovery in US equities from earlier lows, along with a general backdrop of rising geopolitical tensions.
  • The IMF cutting its 2022 global economic growth forecast made little difference compared to broader moves seen today.
  • WTI is +2.25% at $85.2. Resistance is seen at $87.1 (Jan 20 high) whilst support is materially lower at $81.90 (Jan 24 low).
  • Today's most active strikes in the H2 contract have been $73/bbl puts.
  • Brent is +2.0% at $88.02. Next resistance is $89.5, the Jan 19 high and bull trigger, whilst support is $85.04 (Jan 24 low).
  • Gold is up +0.3% at $1848.6, having come off new recent highs of $1853.9. It earlier moved through two resistance levels at $1848.0 and $1849.1, potentially opening $1871 (Nov 18 high).
Energy BulletsCommodities
Energy BulletsCommodities

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