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WTI, Brent Off Highs, But Remain Bullish

COMMODITIES
  • WTI and Brent crude futures trade in minor negative territory, with both contracts rolling just off the week's cycle highs, in a move reminiscent of consolidation rather than any sentiment shift.
  • This keeps the outlook bullish for oil markets in light of recent gains. Monday's gains confirmed an extension of the current bullish price sequence of higher highs and higher lows, reinforcing the uptrend. Note that the $80.00 psychological hurdle has also been cleared. The focus is on $82.89, a Fibonacci projection.
  • Metals markets trade more positively, with gold and silver both in minor positive territory. Silver has made gains through the Monday/Tuesday highs to touch $22.87, with the next upside levels sitting at the October high of $23.19 and the 50-dma at $23.32.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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