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Oil Holds Onto Weekly Gains Despite Banking Concerns

  • An intraday recovery in risk sentiment isn’t enough to stop crude oil prices falling for a second session after first sliding with a stronger USD as European bank stocks tumbled on the open.
  • Prices nevertheless hold for gains on the week after increasing strongly early in the week. Central bank and financial developments have played a key theme for the week as whole but there have also been idiosyncratic drivers such as Russia’s Novak on Tuesday saying it was looking at extending its production cuts to the end of June.
  • WTI is -1.1% at $69.17 having climbed off a low of $66.84 that briefly cleared $66.90 (Mar 21 low) after which lies the bear trigger at $64.36 (Mar 20 low).
  • Brent is -1.3% at $74.90, off a brief low of $72.70 that cleared $72.82 (Mar 21 low) to open the bear trigger at $70.12.
  • Gold is -0.7% at $1979.53, fading with USD strength, after a volatile week that has seen a particularly wide range of 1934.3-2009.7.
  • Weekly moves: WTI +3.7%, Brent +2.7%, Gold -0.5%, US nat gas -6.1%, EU TTF nat gas -4.1%.

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