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Oil Takes Step Back To Consider Global Picture

OIL

MNI (Australia) - After rallying last week, oil prices have consolidated somewhat during APAC trading today as they consider the global outlook again. Prices are down 0.5% on Friday’s NY close and are currently trading not far from their intraday lows.

  • WTI fell below $80/bbl early in the session and is now around $79.50/bbl, above the the 50-day moving average. Brent is trading at about $84.85. Oil remains in an uptrend and the next level to watch for WTI is $81.50, the January 3 high and bull trigger, and $87.00 for Brent.
  • Oil has been rallying on data showing increased traffic in China in response to the reopening. OPEC+ has said that it is going to monitor demand in China and the impact on energy markets from the war in the Ukraine closely. OPEC publishes its outlook on Tuesday followed by the IEA on Wednesday.
  • There is little in the calendar later with the US closed for Martin Luther King’s Birthday. The major event for the week is US retail sales for December on Wednesday, which are expected to decline again.
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