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Prices Up But Long Way To Recover From Last Week’s Sell Off

OIL

Oil prices recovered as risk appetite improved following the UBS-CS deal. Brent crude rose 1.2% to around $73.80/bbl after reaching a low of $70.12 earlier on Monday and WTI is 1.3% higher at $67.64 after a low of $64.12. However, this was only a minor uptick after oil sold off over 12% last week. The USD index fell 0.4%, which also supported crude.

  • Initial support for WTI is Monday’s intraday low of $64.12, resistance is $69.94, the March 17 high. Brent’s support is at $70 with resistance at $70.57.
  • Libya’s oil minister Aoun commented that if the “NOPEC” bill passes in the US, then it would destabilise the market as “OPEC+ seeks stability of oil markets by determining crude quantities, not prices,” according to Reuters. The NOPEC bill is not new but hasn’t been able to pass previously. It would allow the US government to take legal action against OPEC+ members for market manipulation.
  • Goldman Sachs has revised down its Brent forecast to $94 over the next year from $100. It is expected to reach $97 in H2.
Energy BulletsCommodities
Energy BulletsCommodities

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