Oil on the defensive
It's a sluggish start to the week with none of the intense swings we saw last week. I suspect that ceasefire won't last throughout markets but an early mover is oil.
It was higher in Asia but has turned lower early in the US week. That was also the playbook last week so it's something to keep an eye on.
As for the price action, brent topped out at $70.03 and is down to $68.29 so that's a sizeable swing. WTI is down to $64.50 from a high of $66.40.
None of it really changes the picture. Oil is consolidating near the recent highs and initial support is $63.13 in WTI, which was last week's low.
Elsewhere, stocks have opened flat, the bond market has a slight bid and FX is light with some mild USD strength kicking in. USD/CAD fell as low as 1.2441 early in Europe but is now up to 1.2484 with oil under pressure.
