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WTI Tumbles Through Multiple Support Levels To Settle At Lowest Since July
- Crude futures have tumbled 5% today as concerns of a tepid demand outlook amid higher US jobless claims, and rising stocks, piled pressure on prices during US trading hours and potentially triggered stop loss selling.
- The US Treasury Department is targeting three crude vessels in suspicion of breaching Russian oil related sanctions, it said in a statement.
- JP Morgan's head of energy strategy Christyan Malek has flagged deeper cuts as a potential avenue for the OPEC+ meeting – something he says the oil market is underestimating.
- WTI is -5% at $72.81 off a low of $72.20, tumbling through multiple support levels at $74.91 (Nov 8 low) and Fibo retrace of $74.26 and $73.12 (Jul 17 low). Next up lies $69.96 (76.4% retrace of the May 4 – Sep 28 bull run).
- Brent is -4.8% at $77.29 off a low of $76.62, although through multiple support levels the lowest being $77.21 (Jul 17 low) to open $75.51 (76.4% retracement of May 4 – Sep 28 bull run).
- Gold meanwhile has surged today for +1.2% at $1983.67 off an earlier high of $1988.00. It fulfils its bullish trend set-up, clearing $1978.4 (Nov 7 high) to next open a bull trigger at $2009.4 (Oct 27 high).
WTI 1st futureSource: Bloomberg
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Why MNI
MNI is the leading provider
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