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Oil Offered as Biden/Xi Threat Continues to Weigh on Prices

COMMODITIES
  • WTI and Brent crude futures have extended weakness initially triggered on Tuesday as markets eyed speculation that Xi and Biden could coordinate to act against high energy prices globally. This was compounded by the weekly DoE inventories data, which showed a sizeable draw from the SPR of just over 3mln bbls.
  • WTI has slipped through the Wednesday lows, printing down at $77.08 for the Dec-21 contract. This puts prices at the lowest levels since early October as the previously bullish condition unwinds. $76.13 marks the first key support, the 38.2% retracement of the Aug 23-Oct 25 rally.
  • Gold remains bullish. Prices rallied sharply higher last week resulting in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further strength near-term. Note too that gold has also breached $1863.3, 76.4% of the Jun - Aug sell-off.
Energy BulletsCommodities
Energy BulletsCommodities

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