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Prices Ease On Thin Trading, Attention On Russian Supply

OIL

Crude has been supported by increased purchases by China and the expected end of outsized Fed hikes. Both Brent and WTI are above their 50- and 100-day moving averages. Oil prices have eased today by around 0.3% to $81.37/bbl for WTI and $87.33 for Brent but have remained in a tight range of less than a dollar on thin trading due to Lunar New Year holidays. DXY has eased 0.2%.

  • Brent traded at a high of $87.82 during today’s session, testing key short-term resistance of $87.85, the January 18 high. WTI also approached its resistance at $82.38. On the downside attention is on $77.75, the 20-day EMA.
  • There is attention on Russian fuel exports as the February 5 deadline approaches for the implementation of the G7 & EU price cap. Russia has said that oil companies will need to monitor the rules surrounding the cap. International sanctions are expected to weigh on Russian drilling this year. In addition, US Treasury Secretary Yellen said that she believes it’s possible for restrictions to be extended to Russian refined products, although it would be more complicated.
  • The only data of note later are the US Chicago Fed index for December and preliminary January euro area consumer confidence. On Tuesday preliminary PMIs/ISM are published for January.
Energy BulletsCommodities
Energy BulletsCommodities

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