Demnd Issues Hit Oil
Oil had a brief attempt at a rebound in the 70 handle, before crashing right back down to the 60's. We alerted you yesterday that the relative low was somewhat auspicious at 67.91. This is exactly where we are hanging on by a thread at the moment. The Kovach OBV is solidly bearish, and fears over the Omicron variant have weighed on demand considerations. If we break down further into the 60 handle, then 66.77, 66.00, and 65.61 should provide support. If we see a rally, then 72.99 is the level we need to break before we are able to claw back the 70 handle.
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