WTI Crude Oil Futures Rise on Chinese Stimulus and Geopolitical Tensions
WTI Crude Oil Futures (April)
Friday’s Settlement: 67.18, up +0.63 [+0.95%] for the day, up +0.14 [+0.21%]
WTI Crude Oil futures ended a volatile week up slightly last week. Tariffs, macro-economic data, and progress towards a Russian – Ukraine ceasefire all worked to drive markets last week.
Apologies for the different-looking chart this morning; Bloomberg’s charting software is having technical issues.
Today, April Futures are higher by +0.69 [+1.03%] to 67.87
The macro environment is trading mixed to risk on, with equities mixed, bonds stronger and the dollar weaker. The retail sales and empire manufacturing index data points were much worse than expected this morning which is spurring some hope of further fed easing.
Futures are showing outsized strength today on Chinese stimulus plans and geopolitical risk. Overnight, the Chinese government signaled plans to revive consumption while President Trump ordered “unrelenting” strikes on Houthi rebels in Yemen.
The reescalation of tensions in the Middle East after this ceasefire period remains something to keep an eye on.
Technical Analysis:
Futures settled in the middle of the apparent trading range last Friday. Today, price rallied briefly above our longer-term pivot pocket, making a high of 68.37. If we can get a settlement above 68.00*** today it would mark a win for the bulls.
Headline catalysts are trending in favor of the Bulls this morning, how price action trends throughout the day will depend upon headline risk.
For intraday trading, our pivot and point of balance is set at…
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