Oil Ending A Strong Week On A Softer Note
Jan-27 00:59By: Jack Lewis
Oil Bullets+ 1
- Crude oil prices have dipped between 0.5-1% today after a string of daily gains that still leaves WTI up 4.5% on the week.
- Prices were initially supported by lower production in both Kazakhstan and Libya before easing after softer-than-expected US payrolls (at least at a headline level) and Germany announcing tighter Covid curbs for restaurants and bars. More optimistic headlines from South African research didn't seem to have much impact.
- WTI is -0.9% at $78.8, firmly between resistance at $81.73 (Nov 10 high) and support at $76.73 (Jan 6 low).
- The most active strikes in the G2 (Feb'22) contract have been $83/bbl, $80/bbl and $82.5/bbl calls.
- Brent is -0.4% at $81.7, closer to first resistance of $83.11 (Nov 10 high) than support of $79.51 (Jan 5 low).
- Gold meanwhile is up +0.4% at $1797.7 having earlier tested key support at $1782.3. Initial resistance is seen at $1811.6 (Jan 6 high) with key resistance at $1831.9 (Jan 3 high).
