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Oil Ending The Week Lower On Broad Risk-Off

COMMODITIES
  • Oil futures are down ~2% today amidst broader risk-off moves with equities dipping.
  • WTI is -1.9% at $71.1 as it continues to swing within the $69-73.5 range from most of the past two weeks. The latest declines have been relatively spread across the curve.
  • A deeper retracement would signal scope for weakness towards $65.6 (Dec 3 low) whilst on the upside, clearance of $73.34 (Dec 9 high) and the 50-day EMA at $74.05 would reinstate a bullish focus.
  • Brent is -2.0% at $73.5. First support is seen at $72.5 (Dec 15 low) whilst major support is at $65.72 (Dec 2 low). Clearance of $76.61 (50-day EMA) and $76.70 (Dec 9 high) required to reinstate a bullish focus.
  • Gold has pulled back from December highs in recent hours but is still up 0.3% today at $1804.1. The clearing of $1794.5 (Dec 1 high) has signaled potential for a stronger recovery towards $1815.6 (Nov 26 high).
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