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Oil See Clashing Forces From US Reserve Replenishment And Growth Fears

COMMODITIES
  • Oil prices saw a boost the US giving timing and size details on plans to replenish its oil reserve (seeking bids to buy 60mln bbls of crude this fall as a first step) before unwinding gains on growing global growth fears and sliding equities.
  • WTI is +0.5% at $108.3 having cleared first resistance at $109.2 to open $113.51 (Mar 24 high).
  • Brent is +0.8% at $111.0, earlier probing key near-term resistance of $113.61 (Apr 18 high).
  • Gold is -0.2% at $1876.7 as rising Tsy yields to north of 3% again compete for safe haven demand. Resistance is eyed at the 20-day EMA of $1913.9 whilst support is seen at the $1850.5 (May 3 low).
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