OANDA - Oil futures commentary

News   •   Nov 09, 2016 22:21 +08

Please attribute the following commentary to Jeffrey Halley, senior market analyst at OANDA. For direct comment, call Jeffrey at +65 9457 1849 or email jhalley@oanda.com.

Crude Oil found some friends at last overnight with both Brent and WTI up around 2% each. Oil appears to have coat-tailed most other commodities higher, as part of a Clinton-led, broad based, risk asset rally.

As we head into voting day, the street has clearly and will continue to price in a Clinton victory. Although this is not a done deal by any means, the herd mentality should keep risk assets, including oil, bid in the Asian session today

This morning Brent is testing resistance at $45.50 a barrel with a break opening $46.50. WTI is testing $44.80 with a move back above $45.00 on the cards.