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Oil Prices Climb Despite Potentially Large IEA Release

COMMODITIES
  • Oil prices have firmed today as geopolitical tensions ratchet up as the EU works on new tougher sanctions on Russia (Macron wants to discuss oil & coal), following evidence of mass civilian killings as Russian forces pulled back from positions in area around Kyiv.
  • Separately, Saudi Arabia raised prices for customers in all regions whilst IEA had been rumoured to be considering releasing 120million barrels of oil but no official confirmation of that yet.
  • WTI is +4.2% at $103.47. Resistance is seen at $108.75 (Mar 30 high) whilst support is seen at $98.44 (Mar 29 low).
  • Brent is +3.3% at $107.80 as it moves further away from the 50-day EMA of $100.04. Resistance is $112.28 (Mar 30 high) after which it could open the bull trigger of $119.74 (Mar 24 high).
  • Gold is +0.3% at $1931.6. Support remains the bear trigger of $1890.2 (Mar 29 low) whilst resistance is seen at $1966.1 (Mar 24 high).

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