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Free AccessBullish Exhaustion, Strong Dollar Halt Crude Momentum
- Attacks on critical Saudi oil facilities in the Eastern Province on Sunday claimed by Yemen's Houthi rebels sent benchmark Brent crude prices above $70 per barrel for the first time since May 2019. WTI futures (front-month) rose to a high of $67.98, the highest since October 2018. Concerns have risen that escalating tensions could put more energy infrastructure into jeopardy.
- Following the higher open, bullish momentum faded as US dollar demand became the dominant driver during the European and US sessions. Both Brent and WTI futures are exhibiting losses of 2% on the day, however, both remain above Friday's opening levels.
- A similar theme in precious metals as both spot gold and silver erased early gains amid consistent USD demand. Spot gold is softer once again and has broken last Friday's low of $1687.34, continuing to make new 2021 lows. The technical bearish theme remains intact.
- A volatile opening few hours for Copper futures trading up to 417, but sharply reversing over 4% to print 400 in early European trade. Underlying demand amid consistent upgrades to price forecasts sees the front month contract up 0.7% on the day as of writing.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.