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Oil Prices Edge Lower As Largely Unfazed By G7 Sanctions

COMMODITIES
  • Oil prices have edged lower on the G7 announcement of new sanctions on financial institutions and state-owned enterprises plus all new investments in Russia, with prices having already increased sharply yesterday in anticipation.
  • Earlier in the day, EC President von der Leyen said that the EU is proposing to ban most Russian ships and trucks from entering the bloc, as well as Russian coal imports, and will also push ahead with a debate on targeting Russian oil.
  • WTI is -0.6% at $102.7, neither troubling support is seen at $97.78 (Apr 1 low) nor resistance at $108.75 (Mar 30 high) nor support is seen at $98.44 (Mar 29 low).
  • The most active strikes in the May’22 contract have by far been $115/bbl calls.
  • Brent is -0.3% at $107.2, with resistance at $112.28 (Mar 30 high) and support at $102.19 (Mar 29 low).
  • Gold is -0.6% at $1920.9, declining with the rise in Treasury yields after the Fed’s Brainard indicated the Fed will continue tightening policy ‘methodically’ and that it could shrink the balance sheet at a rapid pace as soon as May. Support remains the bear trigger of $1890.2 (Mar 29 low) whilst resistance is seen at $1966.1 (Mar 24 high).
Energy BulletsCommodities
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