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Metals Sell-Off Abates, Oil on More Solid Footing

COMMODITIES
  • Following a volatile Wednesday session, commodities markets are more stable Thursday, with the weakness in industrial metals (notably iron ore) abating to trade flat into the Dalian close.
  • Similarly, WTI and Brent crude futures are in minor positive territory, recovering off the Russia-inspired lows printed mid-week at $67.12 for WTI. This keeps the near-term outlook somewhat bullish and the contract is holding onto recent gains.
  • The recovery from the Aug 23 low defined a key short-term support at $61.74, Aug 23 low where a break is required to reinstate a bearish theme. Short-term, further gains are likely and the focus is on $70.74, a Fibonacci retracement.
Energy BulletsCommodities
Energy BulletsCommodities

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