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Oil Buoyed by Softer USD, Simmering Geopolitical Tension

COMMODITIES
  • Both WTI and Brent crude futures trade higher, with gains of 1% apiece as USD weakness and a recovery through yesterday's highs helps to buoy prices. Tensions between the US and Russia remain a market focus, with Russia looking to restrict shipping and naval activity in the Black Sea, raising the spectre of a renewed wave of sanctions from the US.
  • Tech targets for WTI sit at March 18th's $64.88 and the former trendline support drawn off Nov 2, 2020 low at $65.23.
  • API inventories numbers due after-market should set the supply tone for the week, followed by tomorrow's DoE update.
  • Both gold and silver are largely non-directional, with gold bouncing slightly after dipping through the Monday lows, while silver prices trades largely within the week's range.

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