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Oil Up Strongly, Potentially On Geopolitical Tension

COMMODITIES
  • Crude oil prices are up solidly again today with circa 2% gains, on track for the fourth straight weekly gain.
  • Latest gains appear to be deteriorating geopolitics after Russia began moving military equipment towards Ukraine and Ukrainian government websites were hacked. There has been a lack of obvious triggers elsewhere in what has been a mixed day for equities and risk sentiment as greater Fed hikes are priced to combat inflation.
  • WTI is +2% at $83.80 after clearing resistance at $83.71 (1.618 proj of the Dec 2-9-20 price swing). Next resistance is seen at $85.29 (1.764 proj). Support was earlier eyed at $77.83 (Jan 10 low).
  • The most active strikes in the Feb'22 contract today have been $84/bbl calls.
  • Brent is +1.8% at $86.0, also clearing two resistance levels, the latest $85.80 (1.5 proj of the Dec 2-9-20 price swing), and next eyeing $87.10 (1.618 proj).
  • Gold meanwhile has dipped -0.3% at $1817.6 but remains towards the top of the range of the past few weeks. Resistance remains at $1831.9 (Jan 3 high) with support at $1800.2 (Jan 11 low).
Energy BulletsCommodities
Energy BulletsCommodities

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