- WTI moves on the defensive Monday as European countries have halted the launch of the AstraZeneca vaccine.
- WTI has fallen to the $ 64.15 region after hitting daily highs near $ 66.50 during the Asian session.
Futures for light sweet crude oil WTI are moving defensive Monday, with prices falling from Asian session highs from near $ 66.50 to new lows around $ 64.15. At the time of writing, WTI is recovering to the $ 65.00 region, still negative on the day.
Crude oil bears will now target a move back to last week’s low near $ 63.50, although such a move could offer an opportunity for buyers for longer-term tickets which could point towards the recent highs near the $ 68.00 level.
The fundamental catalyst for the day has been the Panic Developing in Europe Regarding AstraZeneca Vaccine Safety amid growing concern that the vaccine is linked to an increased risk of developing life-threatening blood clots. The launch of the AstraZeneca vaccine has fallen like dominoes in EU countries. During the weekend, Irish and Dutch health authorities stopped the launch of the vaccine, following in the footsteps of the authorities Spanish, Norwegian and Danish that stopped the launches in the previous days. Now Italy, France and Germany they have stopped vaccinations. The German vaccine regulatory agency has said that more thrombotic events (i.e. blood clots in the veins) have been reported since Thursday after vaccination with the AstraZeneca solution.
UK and global health authorities, as well as AstraZeneca itself, keep the vaccine safe, but nonetheless, developments on Monday appear to have dealt a modest blow to confidence and thus crude oil markets are suffering, along with some minor declines in global stock markets (the major equity indices of the US and Europe are suffering losses across the board).
As for other news relevant to the crude oil markets on Monday, there hasn’t been much interest. Key events later in the week, such as the release of US retail sales data on Tuesday and the FOMC meeting on Wednesday, will be the main demand-side events to watch out for, while Weekly US crude oil inventory figures will also be of interest to investors.
WTI technical levels
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