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Oil Extends Bounce, Opens 5% Gap With Friday lows

COMMODITIES
  • Both WTI and Brent crude futures traded solidly higher Monday, with both benchmarks registering gains of 3% apiece to extend the bounce from Friday's lows. Much of the price action last week had been dictated by the possibility of an Iranian sanctions deal, however differences cited this morning between the two sides underpinned a recovery in the energy complex.
  • Monday's rally in WTI crude futures brings the benchmark within range of the next key resistance at the 2.00 proj of Mar 23 - 30 - Apr 5 price swing at $67.25 mark.
  • Precious metals traded steady, with spot gold and silver both in minor positive territory. The modestly lower USD index was largely responsible, although sliding US Treasury yields were also a contributory factor.
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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