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WTI Sees Highest Settlement Since 2014

COMMODITIES
  • Crude oil prices have whipsawed today but WTI still settled nearly 2% up on a day of equities sliding and Treasuries selling off on Fed hike expectations plus weak Goldman earnings.
  • Prices were boosted by a Houthi rebel drone attack on a key oil facility in Abu Dhabi whilst continued Russia-Ukraine tensions add to pressures.
  • OPEC meanwhile kept its 2022 world oil demand growth forecast steady at 4.2mbpd with total consumption at 100.8mbpd.
  • WTI settled +1.9% at $85.43. Resistance is seen at $86 followed by $87.86 (2.00 proj of the Dec 2-9-20 price swing) whilst support is seen at $83.5 (Jan 17 low).
  • Brent is +1.6% at $87.82, with resistance eyed at $88.7 (1.764 proj of the Dec2-9-20 price swing) and support at $85.54 (Jan 14 low).
  • Gold has dipped -0.2% at $1815.4 and keeps the same resistance of $1831.9 (Jan 3 high) and support at $1800.2 (Jan 11 low).
Energy BulletsCommodities
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