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Oil Up For Fifth Week On Supply Disruption, Geopolitics

COMMODITIES
  • Crude oil prices are ending -0.6% lower on a day of broad risk-off with equities sliding. However, for the week, WTI is up +3.5% and Brent +2% after various supply disruptions and an intensification of Russia-Ukraine geopolitical risks.
  • WTI is -0.6% at $85.04 after the break of key resistance at $80.72 (Oct 26 high) earlier in the week had reinforced a bullish theme. Support is $82.78 (intraday low) and resistance is seen at $87.10 (Jan 20 high).
  • The most active strikes in the Mar’22 contract were $75/bbl puts.
  • Brent is -0.63% at $87.82. Support is $85.54 (Jan 15 low) and resistance $89.50 (Jan 19 high).
  • Gold also suffered today, -0.5% at $1830.7 as it dipped back below the previous bull trigger of $1831.9 (Jan 3 high). Support had been seen at $1805.9 (Jan 18 low) and resistance at $1848.1 (76.4% retracement of Nov 16 – Dec 15 downleg).
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