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Oil Suffers On Tighter Monetary Policy Fears

COMMODITIES
  • Crude oil prices are down heavily in a broad risk-off move with equities sliding, the dollar firming and core fixed income rallying . This seems likely on tighter monetary policy fears ahead of the Fed on Wed but intraday moves have also been complicated by increasing Russia-Ukraine tensions.
  • WTI is -2.7% at $82.86 having recovered from an intraday low of $81.9 as it cleared the first support seen at $82.78 (Jan 24 low) before partially recovering. Next support is seen at $80.01, the 20-day EMA after which it could open $77.34 (Jan 10 low).
  • Today’s most active strikes in the H2 contract have been $95/bbl calls, followed by $80/bbl puts and $75/bbl puts.
  • Brent is -2.3% at $85.86. First support is of $85.71 (Jan 24 low) so cleared earlier which could open $83.37 next (20-day EMA).
  • Gold meanwhile is up +0.2% at $1839.0 with attention on $1848, the 76.4% retracement of Nov 16 – Dec 15 downleg.
Energy BulletsCommodities
Energy BulletsCommodities

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