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WTI Falls To Fifty Week Low

  • Crude oil sees another session moving lower but only after surging as much as 4.8% for WTI on news the Keystone oil pipeline was halted due to a leak. Some speculate the disruption will only be temporary whilst in other news, the US Treasury has indicated that the price cap on Russian oil doesn’t necessitate checks on every tanker passing through Turkish waters.
  • WTI is -0.9% at $71.37, clearing support at yesterday’s low of $71.75 to move closer to round number support at $70.00. Most active strikes in the CLF3 have been $70/bbl puts.
  • Brent is -1.5% at $76.04, through two support levels including $76.35 (0.764 proj of Nov 7 – 28 – Dec 1 price swing) to next eye $72.33 (1.00 proj of the same swing).
  • Gold meanwhile is +0.2% at $1789.61 with the uptrend remaining intact as it more slowly moves nearer $1807.9 (Aug 10 high) after surging yesterday.

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