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Oil Falls On Renewed China Demand Fears

COMMODITIES
  • Oil prices have slid ~2.5% today as a return of China lockdown fears weighs on demand (Beijing asking city residents not to leave unnecessarily, postponing of school re-opening) against little further news on the EU’s push to ban Russian oil imports.
  • Prices softened further after WSJ headlines that the CIA chief met with the Saudi Crown Prince last month in a bit to mend ties.
  • WTI is -2.7% at $102.39 but doesn’t yet trouble support at $99.8 (Apr 27 low) whilst resistance is eyed at triangle resistance of $109.2.
  • On a light day for volumes, the most active strikes have been $90/bbl and $85/bbl puts.
  • Brent is -2.4% at $105.00, again not troubling support at $99.25 (Apr 25 low).
  • Gold prices recover only marginally after sliding yesterday, hurt more recently by a renewed pricing in of Fed hikes. Up +0.25% at $1867.61, it is considered still vulnerable, with support at $1854.7 (May 2 low) and initial resistance at $1900.0 (May 2 high).
Energy BulletsCommodities
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