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Oil Stabilises Friday, Set For 7% Weekly Drop

COMMODITIES
  • Oil prices stabilised on Friday, after Thursday's rout. The price action on Thursday was likely linked to positioning factors. Money managers' crude holdings are the longest in more than two years, according to the most recent CFTC data, which could have exacerbated the volatility as longs were unwound.
  • Both WTI and Brent crude futures gained just over 2% during the session but are set for a weekly fall in the region of 7%. Despite the overall technical picture remaining bullish and the most recent moves considered a correction, short-term trendline supports have been broken. An extension lower for WTI would open $57.31, the Feb 12 low and Brent targets round number support at $60/bbl.
  • Once again, price action in precious metals remained lacklustre and played second fiddle to the moves in oil. Both spot gold and silver rose around 0.5% on Friday, posting weekly gains of a similar magnitude. For gold, a bullish technical outlook remains intact and scope is seen for a climb towards the 50-day EMA at $1786.7. Firm short-term support has been defined at $1699.3, Mar 12 low.
Energy BulletsCommodities
Energy BulletsCommodities

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