Brent is trying to climb and hold above $50 and WTI is not far behind
Oil markets are still playing 'will it, won't it' around their respective $50 handles. Brent is above but hasn't been able to keep itself there for too long. WTI is keeps edging closer but looks like it's trying to wade through treacle.
Brent still needs to crack 50.45 as well but the more failures we see at 50, the greater likelihood is that we see buyers give up and a deeper move south.
Brent crude daily chart
USDCAD has dipped to new lows at 1.2934, the pound has climbed back above 1.4700 and AUDUSD has broken yesterday's highs to 0.7228 but has matched the May 23rd highs. A big move above $50 in both oil markets is likely to give currencies a sizeable kick so if you're on the wrong side, it might be worth taking a moment to re-assess your strategies.
