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WTI Above $90/bbl For First Time Since 2014

  • Crude oil prices are up strongly today on a combination of geopolitical risk and winter weather limiting some production in the US.
  • Latest geopol developments include renewed US headlines from Russia potentially preparing a false flag operation to justify invading Ukraine. The US sanctions bill on Russia coming soon.
  • WTI is up +2.1% at $90.09, having cleared $89.72 (Feb 2 high) and then the psychological $90. It next eyes $91.58, the 2.382 proj of the Dec 2-9-20 price swing.
  • With the increases coming late in the day, most active strikes on the day have been $90/bbl calls followed by $95/bbl calls.
  • Brent is +1.7% at $90.96, also through two resistance levels and next eyeing $93.24 (2.00 proj of the same price swing).
  • Gold edges -0.1% lower at $1085.7, remaining comfortably between resistance of $1822.2 (Jan 27 high) and support of $1780.4 (Jan 28 low).

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