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Oil Underpinned by Heightened Geopolitical Tension Despite Equity Rout

COMMODITIES
  • Oil markets trade in minor negative territory early Monday, but both WTI and Brent crude futures sit comfortably north of last Friday's lows. Energy price resilience comes despite a worsening of the equity outlook, with the e-mini S&P lower for a seventh consecutive session and nearing official correction territory.
  • Some relief has been seen across the front-end of the futures curve, inline with today's front future, although contacts out to end-2024 still signify a tight market in the near-term.
  • Gold short-term conditions remain bullish following last Wednesday's strong rally. The climb resulted in a break of resistance at $1831.9, Jan 3 high and a bull trigger.
Energy BulletsCommodities
Energy BulletsCommodities

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