March 16, 2023 19:06 GMT
Oil Sees Intraday Bounce On Saudi-Russia Cooperation, Equities Recovering
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- Crude oil edges out gains after slides over recent sessions have taken Brent sub $75 and WTI sub $70.
- Earlier losses following the ECB’s 50bp hike were reversed by headlines that Saudi Arabia and Russia have agreed to enhance market stability. It was further buoyed intraday from the macro backdrop by a recovery in risk sentiment and some modest dollar weakness after the latter surged yesterday on Credit Suisse concerns.
- WTI is +1.0% at $68.25, with an earlier low of $65.71 coming close to resistance at $65.60 (Dec 3 2021 low cont) before the aforementioned bounce. Resistance is seen at $72.56 (Mar 15 high).
- After the recent focus on puts, the day’s most active strikes in the CLJ3 are currently in $69/bbl calls with reduced volumes compared to the past few sessions.
- Brent is +1.2% at $74.58, off a low of $71.91 that came close to yesterday’s low of $71.67. Resistance remains $78.84 (Feb 6 low).
- Gold is +0.03% at $1919.27, keeping within yesterday’s high of $1937.4 whilst also comfortably above support at $1871.6 (Mar 13 low). The outlook remains bullish with a focus on $1959.7 (Feb 2 high).