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WTI Clears $80 After Reversing China Growth Target Concerns

COMMODITIES
  • Crude oil has gained after reversing concerns earlier in the day on China’s 5% growth target. Elsewhere in news, Gunvor's CEO said planned Russian oil cuts of 500kbpd in March aren't yet seen in the market.
  • WTI is +1.0% at $80.51, coming closer to resistance at $80.78 (Feb 13 high) as it continues recent gains. Clearance there could open key resistance at $82.89 (Jan 23 high).
  • Brent is +0.5% at $86.29 having move above resistance at $86.00 (Mar 3 high) to approach $86.55 (Feb 13 high) after which lies the key $88.78 (Jan 23 high).
  • Gold is -0.5% at $1846.63 in a surprising move considering a weaker dollar, although likely weighed on by US yields moving higher through the session. An earlier high of $1858.26 set new resistance (after which sits $1870.5, Feb 14 high) whilst it remains far above support at the bear trigger of $1804.9 (Feb 28 low).
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