
Crude Oil Rally Running Low on Gas?
WTI crude oil holds above $100, but bearish price action near resistance suggests the powerful rally may be losing momentum.
Stay in step with market opportunities and get insights, actionable trade ideas and dedicated support.

WTI crude oil holds above $100, but bearish price action near resistance suggests the powerful rally may be losing momentum.

Over the last two trading sessions, WTI crude oil has once again displayed a notable bearish bias, with prices falling nearly 6%. Part of this renewed selling pressure has been driven by recent developments in the Middle East, which have helped temporarily ease the geopolitical tensions that had supported the oil risk premium in previous weeks.

Over the last few sessions, the USD/CAD has seen a slight appreciation of nearly 0.3% in favor of the US dollar. However, beyond this mild bias, the broader chart picture reflects a prolonged consolidation.

Gold tests major support at 4,000 as Middle East tensions, crude oil and a stronger US dollar leave bulls searching for a catalyst.

The US dollar eyes 102 as soaring crude oil prices, geopolitical tensions and hawkish Fed bets combine to strengthen the bullish case.

The last two trading sessions have been important for gold. The precious metal has gained more than 3.5% during this period, showing renewed short-term bullish momentum.

These remain relevant sessions for WTI crude oil, which has recorded an increase of just over 14% on average over the last 5 trading sessions. This behavior indicates that the buying bias remains important in the short term.

Gold is starting to face difficult trading sessions. Over the last 2 trading sessions, XAU/USD has shown a renewed weakness bias, with a decline of just over 3.00%.

The week continues, and one of the main factors starting to stand out in the Nasdaq 100 is the recent loss of momentum near record highs. This move comes after a strong recovery at the beginning of the week and shows that buying pressure has not yet stabilized in the short term.

EUR/USD rebounds from 1.15, EUR/JPY stalls below 186 and EUR/AUD eyes fresh gains after a bullish range expansion.

Middle East peace hopes fuel a risk-on rally, sending USD/JPY below 160 while AUD/JPY rebounds as the US dollar weakens.

After starting the session with a relevant bearish bias, the Nasdaq 100 has managed to regain short-term strength and is up more than 2.5% on the day. This move has brought back a mild bullish tone to the market, although the broader backdrop remains sensitive.

Recent sessions have been difficult for the Japanese yen, as USD/JPY has gained more than 0.5% over the last six sessions, moving increasingly closer to the 160 yen per dollar area. This move reflects short-term US dollar strength against the Japanese currency.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.