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Unwinding Missile Strike Spike

COMMODITIES
  • Crude oil has fallen as geopolitical tensions faded after yesterday’s spike, with general agreement that the missile strike in Poland was wayward Ukraine air defense whilst a section of the Druzhba pipeline was reported to have restarted flows.
  • The declines came despite a mostly bullish EIA report with a 5.4mln barrel drop in US crude inventories, whilst Germany warned of possible bottlenecks from the Russian oil embargo.
  • WTI is -1.4% at $85.68 having earlier come close to support at yesterday’s low of $84.06. Resistance remains at $90.10 (Nov 11 high).
  • Brent is -1.0% at $92.95, also coming close to testing key support at yesterday’s low of $91.53 whilst resistance remains $96.95 (Nov 14 high).
  • Gold is -0.3% at $1773.98 although the trend is still seen northward with resistance at $1786.5 (Nov 15 high) and support at $1729.5 (Oct 4 high).
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  • Crude oil has fallen as geopolitical tensions faded after yesterday’s spike, with general agreement that the missile strike in Poland was wayward Ukraine air defense whilst a section of the Druzhba pipeline was reported to have restarted flows.
  • The declines came despite a mostly bullish EIA report with a 5.4mln barrel drop in US crude inventories, whilst Germany warned of possible bottlenecks from the Russian oil embargo.
  • WTI is -1.4% at $85.68 having earlier come close to support at yesterday’s low of $84.06. Resistance remains at $90.10 (Nov 11 high).
  • Brent is -1.0% at $92.95, also coming close to testing key support at yesterday’s low of $91.53 whilst resistance remains $96.95 (Nov 14 high).
  • Gold is -0.3% at $1773.98 although the trend is still seen northward with resistance at $1786.5 (Nov 15 high) and support at $1729.5 (Oct 4 high).