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Oil Eases As Iran Supply Eyed

COMMODITIES
  • Crude oil prices fell back after reports that the return of Iranian supplies to an extremely tight market is near, after the Brent 1st future earlier stopped just short of hitting $120/bbl.
  • WTI is -2.6% at $107.7, approaching initial support of yesterday’s low of $105.18, a break of which could open $95.32 (Mar 1 low).
  • The most active strikes in the Apr’22 contract have been $120/bbl calls for the second day running.
  • Brent is -2.3% at $110.34, sitting more comfortably above yesterday’s low of $106.83.
  • Gold meanwhile is +0.4% at $1936.2 as markets assess the impact of rising yields versus the obvious economic risks from Russia's invasion of Ukraine underpinning haven demand.
  • It continues to sit well above key short-term support of $1878.4 (Feb 24 low), needed to break to suggest a deeper pullback within the bull channel, whilst it edges nearer to yesterday’s high of $1950.1.
Energy BulletsCommodities
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