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WTI, Brent Roll Off Friday High as USD Bears Down

  • WTI and Brent crude futures traded in negative territory Monday, with both benchmarks shedding around 1%, with the largest pullbacks noted in the front-end of the futures curve.
  • USD strength and a moderation in equity prices was largely to blame, easing WTI futures to drop below $80/bbl for the first time since Nov 5. Key short-term support has been defined at $78.25 Nov 4 low. A break would be bearish.
  • Gold rallied sharply higher last week and remains firm. The move higher resulted in a clear break of resistance at $1834.0, Sep 3 high. The breach of this hurdle reinforces current bullish conditions and paves the way for further strength. Note too that the yellow metal has also breached $1863.3, 76.4% of the Jun - Aug sell-off. The focus is on $1877.7 next, Jun 14 high.
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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