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Front-end Flattening in Crude Futures Curve This Week

COMMODITIES

WTI traded inside the week's range Friday, providing few new technical signals in either direction. Newsflow was light and a lack of movement in the USD saw markets consolidate into the close, with much of the price action happening earlier in the week as commodities more broadly rallied on vaccine optimism. The WTI futures curve flattened markedly, with contracts out to Aug'21 rising over $1 or more per bbl.

A similar story in gold, as spot recovered further from the Thursday low, but stopped short of any major test on the week's best levels at $1899.15.

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