WTI gives up all the Libya gains and trades below $75

August 28, 2024
-FCHFX

August 28, 2024 at 10:06AM
Catalysts have been very thin on the commodity side this morning, but WTI has given up all of it’s Libya inspired gains from Monday.

We’re currently trading back below the $75 and getting close to the 1-standard deviation implied volatility low for the day.

When something can’t rally on good news or sustain a rally on good news I think that tells you a lot about the underlying sentiment. Price pushing lower despite the Libya situation and the draw of -3.4M in private inventory data overnight isn’t a great sign.

This article was written by Arno V Venter at www.forexlive.com.

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