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WTI Falls Below $90 As Market Fears More Rate Hikes

OIL

Oil prices fell around 2% on Monday following Friday’s 1% decline. Prices were off their intraday highs before the US ISM/PMI data but then fell sharply following the stronger-than-expected results. The employment component rose above 50 increasing expectations of a strong employment report on Friday and thus of further Fed rate hikes. The USD index rose 0.8% and US yields were also higher weighing on crude.

  • WTI fell 2.4% to close at $88.62/bbl. It has started the day slightly higher at $88.82. It fell through $90/bbl during the NY session to reach an intraday low of $88.46. Earlier it made a high of $91.88. It is approaching support at $88.19, September 26 low.
  • Brent was 1.9% lower to finish at $90.43. It held above $90 through Monday reaching a low of $90.35, breaking key support of $90.41 briefly. It made a high of $93.33 during the European session.
  • Citigroup believes that Brent will collapse to the low $70s/bbl in 2024 due to a significant increase in supply driven by current high prices.
Energy BulletsCommodities
Energy BulletsCommodities

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