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WTI Eyes Key Support On Demand Fears and Surprise Supply Build

COMMODITIES
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  • Crude oil has seen heavy declines for the second day running, down another 3-3.5%.
  • Initial downward pressure from China’s Guangzhou locking down a third district on Covid fears and a build in API crude stocks was added to by EIA domestic crude supplies surprisingly seeing the largest weekly climb in a month.
  • WTI is -3.6% at $85.74, eyeing key support at $85.30 (Oct 31 low) having already cleared the Nov 3 low of $87.60.
  • Brent is -2.9% at $92.6, through support at the 20-day EMA of $93.79 but still a little off key support at $91.46.
  • Gold is -0.3% at $1706.8 giving back only so of yesterday’s surge as crypto slides. The yellow metal is trading above both the 20- and 50-day EMAs and attention turns to resistance at $1729.5, the Oct 4 high and a bull trigger.
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  • Crude oil has seen heavy declines for the second day running, down another 3-3.5%.
  • Initial downward pressure from China’s Guangzhou locking down a third district on Covid fears and a build in API crude stocks was added to by EIA domestic crude supplies surprisingly seeing the largest weekly climb in a month.
  • WTI is -3.6% at $85.74, eyeing key support at $85.30 (Oct 31 low) having already cleared the Nov 3 low of $87.60.
  • Brent is -2.9% at $92.6, through support at the 20-day EMA of $93.79 but still a little off key support at $91.46.
  • Gold is -0.3% at $1706.8 giving back only so of yesterday’s surge as crypto slides. The yellow metal is trading above both the 20- and 50-day EMAs and attention turns to resistance at $1729.5, the Oct 4 high and a bull trigger.