Free Trial

Oil Prices Slide On IEA Release

COMMODITIES
  • Oil prices have slid after the IEA has said it will release 120 million barrels from reserves, with the US contributing half, unsurprisingly driving sizeable declines across the futures curve.
  • The decline was further supported by the EU failing to approve new sanctions on Russia (generally, not oil) because of technical issues although MNI reported that EU officials see a ban on Russian gas as moving closer
  • WTI is -4.7% at $97.2 having cleared first support of $97.78 (Apr 1 low), opening the bear trigger of $92.2 (Mar 15 low).
  • Brent is -4.3% at $102.1, also just through support of $102.19 (Mar 29 low) having tested the 50-day EMA of $100.57 earlier which continues to be next support.
  • Gold is +0.1% at $1925.4 as Treasuries twist steepen. Support remains the bear trigger of $1890.2 (Mar 29 low) whilst resistance is seen at $1966.1 (Mar 24 high).

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.