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Crude Reverses Early Weakness, Resumes Bulltrend

COMMODITIES

The recent rally in oil prices appeared to stall late Thursday/early Friday, with Brent and WTI crude futures headed into the US session in negative territory. A short, sharp bout of risk-on reversed this price action, with both Brent and WTI hitting new cycle highs ahead of the NYMEX close. This resumes the uptrend for oil prices, narrowing the gap with next resistance at the psychological $60/bbl handle.

Gold and silver got a firm tailwind on dollar weakness ahead of the US close, with silver spiking to session highs of $27.44. This helped spot gold chew through the day's losses to hit daily highs of $1830.79. MNI Tech flags resistance at the 50-day EMA of $1856.2

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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