Traders bought the Yanbu threat Friday. They did not buy Sunday’s strike on a Russian terminal and new attacks on shipping the same way. Brent had already turned away from $110, and WTI was below its Friday settlement as the new week opened.
Oil News: Brent Pulls Back From $110 as Weekend Threats Fail to Extend Rally
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Key Points:
- Friday’s Yanbu threat drove Brent to $110, but Sunday’s tanker attacks and Russian terminal strike did not extend the rally.
- November WTI remains in an uptrend above $97.74, with $104.44 and $110.08 still the next upside targets.
- December Brent needs a clean break through $110.13 resistance to restart momentum toward $113.63.