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WTI, Brent Hit Skids as Equities Tumble

COMMODITIES
  • Oil benchmarks trade lower ahead of Monday's open, with WTI and Brent off as much as 4% apiece. WTI has slipped further below the $70/bbl mark, showing below support at the 200-dma of $68.31. Oil has slipped in tandem with equity markets Monday, with benchmark US indices off at least 1%.
  • The risk-off sentiment follows the tanking of Biden's flagship Build Back Better legislation, which has prompted a number of sell-side outfits to crimp their growth expectations for 2022.
  • Gold traded higher last week, extending the recovery from $1753.7, the Dec 15 low. The yellow metal last week attempted to clear the base of its bull channel drawn from the Aug 9 low and it appears the move lower has been a false break. Initial resistance at $1794.5, Dec 1 high has been cleared and attention is on $1815.6, the Nov 26 high.
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