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Oil Slides On China Lockdown Demand Fears

COMMODITIES
  • Oil and gold price moves have for once been driven largely by factors other than Russia-Ukraine headlines, where there doesn’t appear to have been much progress in peace talks. Talks have however likely been slowed further by reports of poisoning symptoms for both Abramovich and Ukrainian negotiators.
  • The launching of a two-stage lockdown in Shanghai has set the tone for the day with oil prices sliding despite OPEC+ signalling it is likely to stick to plans for only a modest supply increase on Thursday.
  • Gold meanwhile suffers as the rising US dollar and yields following the BoJ maintaining extremely accommodative policy took the shine off gold’s safe haven appeal.
  • WTI is -7.3% at $105.6 having earlier tested support at the 20-day EMA of $104.7 after which it could open a materially lower $96.05. Resistance remains at $116.64 (Mar 24 high).
  • Brent is -7.0% at $112.2 and similarly got close to testing $110.37 (20-day EMA) whilst resistance remains at $123.74 (Mar 24 high).
  • Gold is -1.3% at $1932.8 but after a solid run doesn’t trouble initial support at the 50-day EMA of $1901.9. Resistance remains $1966.1, the Mar 24 high.
Energy BulletsCommodities
Energy BulletsCommodities

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