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Oil Fades Off Highs Amid Buoyant Dollar, But Uptrend Intact

COMMODITIES
  • WTI and Brent crude futures traded solidly throughout the European morning, with Brent seeing strength into new 2021 highs of $80.75/bbl. The gains reversed course into the US session, with a higher, steeper US yield curve boosting the dollar.
  • The modest correction lower in both WTI and Brent prices has done little to deter the near-term uptrend in oil prices, however, with the technical picture still very much bullish. The White House further voiced their view on energy markets, stating that they continue to speak with OPEC on pricing matters, and is looking at every means they have to address the cost of oil.
  • Gold remains bearish amid the overriding USD strength. The yellow metal last week traded through former support at $1742.3, Sep 20 low. This confirms a resumption of the current short-term bear cycle and signals scope for a move towards key support at $1690.6, Aug 9 low.
Energy BulletsCommodities
Energy BulletsCommodities

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