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Oil Deteriorates Further, WTI Off Over 10%

COMMODITIES
  • The commodity outlook going from ugly to uglier in recent trade, with WTI and Brent extending the day's sell-off to put WTI through $70/bbl for the first time since September.
  • $70/bbl puts have been among the most active strikes in trade so far Friday for the F2 (Jan'22) contract, but there has also been solid activity in $65/bbl and $67/bbl puts.
  • Next support undercuts at $69.58, the 68.1% retracement of the Aug 23 - Oct 25 rally and $68.61, Low Sep 21.
  • Losses not limited to energy, with the likes of platinum and palladium also dropping sharply, off 3% and 8% respectively.

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