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Oil Ends A Mixed Day Softer

COMMODITIES
  • Crude oil prices have had a mixed day but are ending below yesterday’s settlement. Comments on the US working to accelerate the strategic oil reserve release saw prices soften before rising strongly with US equities and largely ignoring a surprie rise in US DOE crude inventories (+515k vs -1331k expected).
  • Sentiment has since soured and oil moved with it, with seemingly little reaction to the US giving approval to Baltic States to send US-made weapons to Ukraine.
  • WTI is -1.0% at $84.99 having earlier briefly cleared resistance at $86.79 (Jan 19 high) before retracing. Support is seen at $82.93 (Jan 18 low).
  • Brent is -0.8% at $87.72, also having earlier briefly cleared resistance at $89.17 (Jan 19 high) whilst support is seen at $85.54 (Jan 15 low).
  • Gold ends the day almost unchanged, -0.1% at $1839 at its recently found higher level. Resistance is seen at $1849.1 (Nov 22 high) and support $1805.9 (Jan 18 low).

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