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Oil Firms With US Gasoline Surge

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  • Crude oil prices have firmed strongly with US gasoline futures rising to new highs and topping $4 a gallon for the first time in the process, plus earlier protests at four sites in Libya that likely halved production to 600kbpd.
  • There’s still no concrete action on the EU package on Russian oil sanctions, with the EU earlier waiting for Hungary to agree but Hungary saying it hadn’t received an update in EU proposals. EU Borrell later said that ministers didn’t agree on the sanctions and the issue will now go back to EU envoys.
  • WTI is +3.0% at $113.78 having cleared three resistance levels with a high of $114.90, the highest being $113.9 (76.4% of the Mar 7-15 downleg) which opens $118.13 (Mar 9 high).
  • Brent is +2.1% at $113.83 having cleared key near-term resistance at $114.00 (May 5 high) and got close to testing a bull trigger at $115.76 (Mar 24 high) with a high of $114.79.
  • Gold is +0.3% at $1817.3 after USD weakness and Treasuries rally give it some respite after last week’s pressure. It earlier spiked lower to $1787.0 (new support) after breaking $1800 before rallying through the US session.
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  • Crude oil prices have firmed strongly with US gasoline futures rising to new highs and topping $4 a gallon for the first time in the process, plus earlier protests at four sites in Libya that likely halved production to 600kbpd.
  • There’s still no concrete action on the EU package on Russian oil sanctions, with the EU earlier waiting for Hungary to agree but Hungary saying it hadn’t received an update in EU proposals. EU Borrell later said that ministers didn’t agree on the sanctions and the issue will now go back to EU envoys.
  • WTI is +3.0% at $113.78 having cleared three resistance levels with a high of $114.90, the highest being $113.9 (76.4% of the Mar 7-15 downleg) which opens $118.13 (Mar 9 high).
  • Brent is +2.1% at $113.83 having cleared key near-term resistance at $114.00 (May 5 high) and got close to testing a bull trigger at $115.76 (Mar 24 high) with a high of $114.79.
  • Gold is +0.3% at $1817.3 after USD weakness and Treasuries rally give it some respite after last week’s pressure. It earlier spiked lower to $1787.0 (new support) after breaking $1800 before rallying through the US session.