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Oil Slides On China Lockdowns, Risk Off Sentiment

COMMODITIES
  • Crude oil have moved sharply lower today as new China Covid-related lockdowns and a cutting of Saudi prices to Asia added to higher yield-induced risk off sentiment, reversing yesterday’s gains helped by OPEC+ unexpectedly deciding to cut output in October.
  • WTI is -0.07% at $86.74 (from Friday’s close due to Labor holiday). Support is increasingly exposed, with $85.98 (Sep 1 low) sitting a little above the bear trigger at $85.37 (Aug 16 low).
  • Most active strikes in the CLV2 have been $95/bbl calls.
  • Brent is -3.19% at $92.67, with a bear threat remaining present, with support at $91.81 but still a little off the key bear trigger of $89.06 (Jul 14 low).
  • Gold is -0.57% at $1700.74 as USD strength and surging Tsy yields weigh on the yellow metal. It moves closer to the bear trigger at $1681 (Jul 21 low).
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