News

Oil gives back ground in fall below $68.00

WTI pares gains

WTI rose as high as $68.87 but it’s now a dollar below that level at $67.81 with all the selling coming in the past 20 minutes.

There’s no news from OPEC+ but we could be seeing some profit taking or similar negativity to what we’re seeing in other commodities. Gold earlier reversed after hitting a five-month high and copper is down 0.3%.

The key level in WTI is $67.97. That was the intraday high in March. Brent also needs to stay above $70. It’s trading at $70.59 now from a high of $71.34.

The oil market is never without surprises; this could be an ugly fake break but I’m hesitant to overthink it ahead of the Nymex settlement, at the very least.

Invest in yourself. See our forex education hub.

Articles You May Like

Gold Price Forecast: XAUUSD stills down $20 from daily high post-US jobs data
JetBlue shares tumble as costs push it to a loss despite profit forecast on higher fares
Euro Rises Slightly in Dull Markets, Dollar Mixed
China COVID update – China has locked down the beach resort city of Sanya
Oil prices extend losses on demand worries

Leave a Reply

Your email address will not be published.