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Oil Benchmarks Off Highs on China Stock Rout

COMMODITIES
  • Acute weakness across Chinese equities early this week has bled into broader risk-off, prompting oil benchmarks to roll off last week's highs. WTI and Brent crude futures are lower by close to 1% apiece, but still hold well within the range from the latter half of last week.
  • Gold and silver are both in minor positive territory with spot gold back above the $1800/oz level to briefly trade above the Friday highs.
  • Focus for the coming session rests on US new home sales, but the progress of the key US infrastructure bill could prove more influential over prices, with US lawmakers struggling to make headway on the key legislation ahead of the Summer recess.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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