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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).
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