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Oil Slides On Risk-Off, Biden Wants More From China

COMMODITIES
  • Oil futures are broadly unchanged on the day, having pulled back on some risk-off sentiment post US open and Biden later saying that China may do more to lower oil prices with its oil reserves.
  • The market appears to have looked through yesterday's OPEC+ commitment to increasing production.
  • WTI is down 0.2% on the day at $66.37 as of writing. Yesterday's rebound from the session low has defined $62.4 as a key short-term support. It highlights potential for a short-term recovery that would allow a recent oversold condition to unwind. The next firm resistance is at $71.22, Nov 30 high.
  • Brent is up 0.3% at $69.90. Yesterday's sharp rebound from the session low highlights $65.72 as a key short-term support. It suggests there is potential for a short-term recovery that would allow an oversold condition to unwind. The next firm resistance is at $74.35, Nov 30 high.
  • Gold is up 0.87% at $1784, with attention remaining on the base of a bull channel at $1761.3 drawn off the Aug 9 low. Initial firm resistance is seen at $1815.6 (Nov 26 high).
Energy BulletsCommodities
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