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Reporting on key macro data at the time of release.
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- In the past year, momentum on oil prices has been firm, mostly driven by the liquidity injection from central banks, the supply shortages and the investment forces (investors use oil as the best ‘inflation hedge').
- However, the rising Covid uncertainty in recent weeks combined with the discovery of the new variant Omicron has resulted in significant consolidation in oil prices.
- WTI front month futures contract is down over 10% since Thursday, and found support slightly below its 200DMA at 69.81 on Friday.
- Selling pressures could remain elevated in the near term as more and more countries impose travel bans to prevent the spread of the virus.
- Next support to watch on the downside stands at 65.63, which represents the 38.2% Fibo retracement of the 33.64 – 85.41 range.
- On the topside, first resistance to watch stands at 74.36 (100DMA).