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Oil Ending Mixed Day Softer On Potential US Reserve Release

COMMODITIES
  • Oil prices are ending a mixed day softer after headlines that the US is eyeing releasing oil reserves in response to higher prices on Russia-Ukraine, whilst gold is once again boosted by its safe haven properties.
  • Oil prices had sharply increased on earlier headlines on the potential of a full-scale Russian invasion of Ukraine within 48 hours and an concurrent cyber-attack on Ukraine before retracing.
  • WTI is -0.6% at $91.4, further pulling back from yesterday’s high of $94.95, which now forms initial resistance, but above key short-term support defined at $87.46 (Feb 18 low).
  • Within the Apr’22 contract, the most active calls are $100/bbl for the second day running whilst the most active puts have been $85/bbl.
  • Brent is -0.6% at $96.3, sitting off new resistance of $99.5 from yesterday’s high whilst above support from the 20-day EMA of $91.99.
  • Gold has bounced +0.5% to $1907.7 as its strong uptrend continues after dipping yesterday. Resistance remains yesterday’s high of $1914.3 as it approaches the medium-term upside target of $1916.6 (the Jun 1, 2021 high). Initial support is $1879.6 (Feb 15 high).
Energy BulletsCommodities
Energy BulletsCommodities

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