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US crude oil has broken out to its highest level in over seven years above last week’s high near $88.00 and looking at the chart, there’s little in the way of meaningful resistance until above $90.00...
Oil prices slide, gold range trades January 18, 2021SharePrint Oil prices correct lower Oil prices suffered a sharp fall on Friday, with a rising US dollar enough to see extended speculative longs heading for the exit door. Brent crude fell by 2.90% to USD54.80 a barrel, and WTI fell by 2.95% to USD52.10. In Asia, both contracts have eased modestly again to USD54.60 and USD52.00 respectively. As I noted last week, the Relative Strength Indexes (RSIs) on both contracts were in overbought territory, indicating a correction was on its way. The sideways trading of the second half of the week, and...
Oil and gold head lower January 14, 2021SharePrint Profit-taking hits oil prices Oil prices beat a modest retreat overnight with official US Crude Inventory data broadly neutral. Headline crude inventories fell more than expected, but distillate and gasoline inventories rose more than expected. That was enough to spark speculative longs to lock in some profits with Brent crude and WTI’s relative strength indices (RSIs) having been in overbought territory for most of this week. Brent crude eased 1.25% to USD56.00 a barrel, and WTI fell 0.80% to USD52.85 a barrel. Both contracts remain unchan...
Oil and gold start week in red January 11, 2021SharePrint Oil’s rally fades in Asia Oil had a positive session on Friday, both Brent and WTI recording over 3.0% gains boosted by Biden stimulus hopes. Risk aversion seen in other asset classes has set in on energy markets today in Asia though. Brent crude has fallen 1.70% to USD55.30 a barrel, and WTI has declined 1.55% to USD51.80 a barrel. Although the White House’s easing of diplomatic ties with Taiwan has spooked markets in Asia, oil’s rally is not in danger at this stage, even as the US dollar rises. Brent crude would need to fall th...