Brent and WTI crude both fell over 2.0% and deepened recent declines as a bigger-than-expected draw in US crude inventories failed to recover optimism to bulls. Sell-off intensified further even despite the fact that the EU proposed further economic measures against the Russian energy and mining sector, including a ban on new mining investments. OIL broke below the key support zone around $88.20 which is marked with 78.6% Fibonacci retracement of the upward wave launched in December 2021. If current sentiment prevails, the downward move may accelerate towards the lower limit of the descending channel or even support zone at $66.00.
OIL, D1 interval. Source: xStation5
The price of NICKEL, of which Russia is one of the main producers, briefly jumped to 32,000, a level not seen since the end of April 2022. Source: xStation5
⏬Silver below $100, Gold breaches $5000
Gold plunges 5% 🚨 Precious metals slide into correction
Daily summary: Wall Street and precious metals try to rebound 📈Microsoft down 12%
Oil gains 3% approaching 70 USD level amid US-Iran tensions 📈