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WTI Claws Back Gains Whilst Gold Clears Support Under USD Pressure

COMMODITIES
  • WTI has seen robust gains during US hours to be up on the day but only chip away at last week’s declines. The market is weighing continued concern of Middle East escalation against a stronger US dollar, despite some easing of gains after the USD index briefly climbed to its highest since Nov. 14.
  • The US intends to undertake further strikes in retaliation for the US personal killed by an Iranian backed militia: State Dept.
  • Houthi Red Sea attacks and surging freight rates have changed crude oil buying patterns boosting the attractiveness of local supplies: Bloomberg.
  • Drone attacks on Russia’s energy infrastructure could be a larger disruption to global fuel supplies than attacks on shipping in the Red Sea: Bloomberg.
  • WTI is +0.7% at $72.79, with resistance at $76.95 (Feb 1 high).
  • Brent is +0.9% at $78.02, with resistance at $81.55 (Feb 1 high).
  • Gold is -0.7% at $2026.28, under persistent pressure from a mostly appreciating USD index as Treasury yields have climbed strongly for a second day after Friday's booming payrolls figures. A low of $2015.09 cleared support at $2022.3 (20-day EMA) to open $2001.9 (Jan 17 low).
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