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Oil Ends Week Higher With EU Russia Embargo Eyed

COMMODITIES
  • Major oil benchmarks are ending the week on a soft note as they slid into WTI settlement.
  • Both look to end the week up circa 2.5% with the main move being Germany giving the green light to the EU embargo of Russia oil plus China demand fears pulling back slightly with some improvement in Covid-cases.
  • WTI is -0.6% at $104.72. It earlier cleared triangle resistance drawn from the Mar 15 low of $106.78, next opening $109.2 (Apr 18 high).
  • Brent is -0.1% at $107.09, also having cleared initial resistance at $109.8 (Apr 21 high) which opens triangle resistance at $112.08.
  • Gold is +0.9% at $1911.48 as today’s slide in the USD helps recover some of the week’s loss from a stronger dollar and rising yields. Initial resistance is eyed at $1932.1 (20-day EMA) with support at $1872.2 (Apr 28 low).
  • Week returns: WTI +2.6%, Brent +2.6%, Gold -1.1%, TTF gas +2.7% (in euros).
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