Oil backing down as Syria concerns fade, WTI sees $66.70

  • WTI falling back as last week's market tensions have evaporated.
  • Missile strikes had little impact on traders for the new week, possibly already priced in.

Crude oil took a step lower to kick off the new week and WTI sees 66.70 after Middle East concerns came to a head over the previous week, culminating in joint missile strikes by the US, the UK, and France on the weekend, targeting Syria's chemical weapons production and storage facilities.

Risk tone: well, so far so good, just another attack on Syria, market moves on . . .

The previous week's lead-up in risk aversion broke over the weekend, and markets have come into the new week looking on the risk-hungry side, with the Middle East concerns that drove oil higher last week falling off, and crude is back into Friday's lows.

Crude oil Levels to watch

Oil is still trading at 2018 highs, and the only barrier to a renewed bullish push will be the turnaround at the last high of 67.60, while bearish continuation will quickly run into support from the last swing low at the 65.00 handle and last week's opening price near the 62.00 major level.

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