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Bounces Well Ahead 50-Day EMA

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Significant Inversion Maintained

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Resumes Its Downtrend

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Overnight Downtick

OIL

WTI & Brent have shed a little over $1.00 apiece vs. their respective settlement levels. The final Asia-Pac session of the week provided mixed headlines when it came to the Chinese COVID situation, with Shanghai unveiling the initial return to work limitations for the financial district of Pudong, while the city also discovered 3 COVID cases outside of quarantine facilities (with little in the way of official communique surrounding the matter evident).

  • Crude markets experienced a degree of two-way price action given the lack of meaningful fundamental news flow evident during overnight trade.
  • As a reminder, Thursday saw confirmation that the G7 were discussing a potential price cap for Russian oil via secondary sanctions, although no further details were forthcoming.
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WTI & Brent have shed a little over $1.00 apiece vs. their respective settlement levels. The final Asia-Pac session of the week provided mixed headlines when it came to the Chinese COVID situation, with Shanghai unveiling the initial return to work limitations for the financial district of Pudong, while the city also discovered 3 COVID cases outside of quarantine facilities (with little in the way of official communique surrounding the matter evident).

  • Crude markets experienced a degree of two-way price action given the lack of meaningful fundamental news flow evident during overnight trade.
  • As a reminder, Thursday saw confirmation that the G7 were discussing a potential price cap for Russian oil via secondary sanctions, although no further details were forthcoming.