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Oil Ticks Away From Multi-Week Highs After Middle East-Driven Bid

OIL

The extension higher and subsequent fade in crude oil futures provides the stand out move from Asia-Pac hours. WTI futures topped out at $79.29, registering the highest level seen since late November.

  • The contract then faded to the $78.20 area, printing ~$0.20 higher on the day at typing.
  • Geopolitical tension centred on the Middle East continues to dominate.
  • The initial move higher came in the wake of weekend attacks that saw U.S. troops in Jordan killed and injured, along with the Houthis hitting a fuel tanker in the Red Sea.
  • Re: The former, U.S. President Biden said "we shall respond" at a campaign event on Sunday.
  • There was little to promote the move away from highs from a fundamental perspective, which points to a purer flow-/technical-based retracement.
  • The Nov 30 high ($79.56) presents key short-term resistance In WTI futures.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
Energy BulletsCommodities

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