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Oil Slips on Risk-Off, Stronger Dollar


WTI and Brent crude futures retreated further from the cycle highs printed earlier in the week as a broad risk-off theme developed, with equities and growth proxy currencies all suffering Friday.

WTI and Brent slipped well over 2% apiece, relieving some of the overbought conditions that had been present on the recent march higher.

Despite the risk-off theme, precious metals also fell, with USD strength over-riding any safe haven support. A close below the 1843.46 200-dma for gold would be the first since late November - a bearish sign for the yellow metal.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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