Free Trial

Oil Bounces on USD Pullback, Risk-On


Both WTI and Brent crude futures trade higher early Tuesday, with Brent slightly outperforming to boost the WTI-Brent spread to over $2.50/bbl. Broad-based greenback weakness has helped the commodity complex, with a general risk-on feel adding to the bid.

Market sentiment is firm, with focus turning to incoming Treasury Secretary Yellen's speech in front of the Senate Finance Committee later today. She's expected to press for the need to "act big" with COVID-19 fiscal aid, with historically low borrowing costs worth taking advantage of.

Precious metals markets are hovering slightly higher, but well within recent ranges. Spot gold looks to close back above the 200-dma at $1844.81 after two consecutive finishes below the mark.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.