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Late Pressure In Oil Sparks An Otherwise Muted Session

COMMODITIES
  • WTI futures have come under some late pressure, dipping back beneath $60 as markets anticipate the looming Opec plus easing of cuts and retrace prior reflationary optimism. The continuation of last week's late sell-off has prompted some momentum selling through Feb 23rd lows and currently trades down over 2%.
  • Precious metals exhibited less pronounced, but similarly heavy price action. Despite the majority of the session lacking any momentum, spot gold and silver have lost ~0.65%, bringing some late relief demand for the Bloomberg Dollar Index, trading back towards flat on the session.
  • Copper futures also pared gains from the open to approach Friday's lows under 410.
  • Bitcoin gained ~6% amid headlines that Goldman Sachs Inc has restarted its cryptocurrency trading desk. Price firmed to trade back above $48,000.
Energy BulletsCommodities
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