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WTI, Brent Edge Off New Cycle Highs, But Uptrend In Tact

COMMODITIES
  • WTI crude futures edged higher still in early Asia-Pac hours, resulting in new cycle highs of $72.83/bbl. This marks the 15th consecutive session of higher highs for WTI - boosting the RSI back into overbought territory.
  • Today's DoE release will draw focus, with markets expecting the latest week of data to show a draw of just over 2.5mln bbls, while distillates are expected to show a small build.
  • Spot gold and silver are largely non-directional, with markets awaiting the Fed decision later today. ,Markets are on watch for any signs that the Fed are to begin considering tapering asset purchases in the near future.
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