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Oil Bounces on USD Pullback, Risk-On

COMMODITIES

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 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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