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Monday, June 21, 2021

Oil gives back ground in fall below $68.00

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WTI pares gains

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.

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