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Oil Rebounds After Thursday Weakness

COMMODITIES
  • Both Brent and WTI crude futures trade in positive territory headed into the NY crossover, effectively erasing the weakness seen into the Thursday close. This keeps markets inline with the overarching bullish condition, with focus on intraday resistance at $69.89/bbl ahead of the September high at $70.61/bbl.
  • While production across the Gulf of Mexico remains partially shuttered by the lingering effects of Hurricane Ida, North African output has become a concern, with power struggles across Libya in focus, threatening what had been a marked period of stability.
  • Gold and silver both trade in minor positive territory, helped by a resumption of greenback weakness. Nonetheless, key resistance for gold remains intact at $1834.1, Jul 15 high and a bull trigger. A break of this level would strengthen the current bullish theme and pave the way for a climb towards $1863.3, a Fibonacci retracement.
Energy BulletsCommodities
Energy BulletsCommodities

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