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Oil Opening Gap With Cycle Highs

COMMODITIES
  • Both WTI and Brent crude futures have opened a small gap with the cycle highs printed earlier in the week, with WTI retreating back below the $64/bbl mark while Brent shows below $67/bbl.
  • The pullback from cycle highs this week has relieved the overbought technical signals present in markets this week, with focus still on supply, as OPEC+ members as Saudi Arabia this morning clarified that they will ensure adequate product supply to markets after attacks on their infrastructure over the weekend.
  • In precious metals space, gold is consolidating after yesterday's bounce, with markets focussing on any resumption of the downtrend that's dominated price action since the beginning of the year. $1719.64/$1720.61 acts as first upside targets, while a fall through $1676.89 would add to the bearish argument.
Energy BulletsCommodities
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