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Oil and gold head lower
January 14, 2021SharePrint
Profit-taking hits oil prices
Oil prices beat a modest retreat overnight with official US Crude Inventory data broadly neutral. Headline crude inventories fell more than expected, but distillate and gasoline inventories rose more than expected. That was enough to spark speculative longs to lock in some profits with Brent crude and WTI’s relative strength indices (RSIs) having been in overbought territory for most of this week.
Brent crude eased 1.25% to USD56.00 a barrel, and WTI fell 0.80% to USD52.85 a barrel. Both contracts remain unchanged in Asia. With gas prices still at record highs in Asia, oil is unlikely to retreat far in today’s session. ....

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