Crude Oil Set to Follow S&P 500 Rebound Higher Gold to Pull Back on Fading Safe Haven Demand WTI Crude Oil (NY Close): $82.89 // +3.59 // +4.53% Crude oil prices remain firmly anchored to sentiment trends, with prices closely tracking the S&P 500. Futures tracking the benchmark stock index are firmly in positive territory ahead of the opening bell on Wall Street, opening the door for profit-taking to produce a corrective rebound after yesterday's brutal selloff across the risky asset spectrum. Weekly US jobless claims figures headline the economic calendar, with mixed results expected as initial applications for benefits nudge higher while extensions inch lower. Prices continue to stall near support at $81.57, the intersection of the 23.6% Fibonacci retracement level reinforced by the lower boundary of a falling channel set from the May swing high. As with the S&P 500, RSI studies are creeping out of oversold territory and early signs of positive divergence have emerged, bolstering the case for a corrective rebound. Initial resistance stands at $85.21, the 38.2% Fib.

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