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Oil Set To Finish The Week Up Nearly 8%

COMMODITIES
  • Oil futures have edged up ~0.5% today having seen a slight pull back after US CPI data and less optimistic headlines on the effectiveness of vaccines against Omicron compared to Delta, especially without a booster.
  • Omicron news and geopolitics will likely continue to drive prices in the near term. Iran re-entered the Vienna talks this week to remove US sanctions but Biden has indicated further sanctions could follow if the nuclear talks fall through.
  • WTI is +0.5% at $71.35 and remains bullish following recent strong gains. Attention is on the 50-day EMA of $74.64 next, whilst initial firm support lies at $69.52 (Dec 7 low).
  • Brent is +0.4% at $74.74. Attention is on the 50-day EMA of $77.10 whilst first support is tighter at $73.20 (Dec 7 low).
  • Gold is also +0.5% at $1783.6. Short-term conditions remain bearish after breaching both the 20- and 50-day EMAs with attention on the base of a bull channel at $1765.5, drawn off the Aug 9 low.
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