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Oil Price Boosted By Kazakhstan Unrest

COMMODITIES
  • Crude oil futures have climbed 1.6-1.8% today to new post-Omicron highs. A large part of this appears to have been on Kazakhstan unrest and the impact this could have on production, with price rises concentrated in shorter-dated contracts.
  • A smaller than expected drawdown in weekly US crude inventories saw a brief dip lower but this was quickly reversed.
  • WTI is +1.8% at $78.4, clearing resistance at $77.44 (76.4% retracement of Oct-Dec downleg) and opening $78.59 (Nov 24 high).
  • Brent is +1.6% at $81.3, clearing two resistance levels today with next eyed at $83.11 (Nov 10 high).
  • Gold meanwhile has bounced 0.6% to $1824.7. Monday's high of $1831.9 and 1780.6, the channel base drawn from the Aug 9 low, mark the key short-term directional triggers.
Energy BulletsCommodities
Energy BulletsCommodities

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