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Oil Hit By Risk Off Sentiment

COMMODITIES
  • Crude oil prices have dipped -1.25-1.5% today with the decline picking up speed on the US open in a broader risk-off environment and then again more recently, with declines across the curve.
  • WTI is -1.3% at $77.88. Support is seen at $75.25 (20-day EMA), $74.40 (50-day EMA) and then a key support of $74.27 (Jan 3 low). Resistance is $81.73 (Nov 10 high).
  • Today’s most active strikes in the G2 (Feb’22) contract have been $75/bbl puts followed by $80/bbl calls.
  • Brent is -1.5% at $80.52, with initial support at $79.51 (Jan 5 low) and resistance at $83.11 (Nov 10 high).
  • Gold meanwhile is up +0.2% at $1801.1. Initial resistance is seen at $1811.6 (Jan 6 high) whilst attention is on the base of a bull channel drawn from the Aug 9 low that intersects at $1783.2.
Energy BulletsCommodities
Energy BulletsCommodities

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