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Oil Fades After Sizeable Gap Higher

COMMODITIES
  • Both WTI and Brent crude futures gapped higher at the Monday open to touch new cycle highs across both contracts. Prices have faded slightly since, with the firmer USD outlook pressuring prices across European hours.
  • Today's move has seen Brent top key psychological resistance at the $70/bbl mark, extending further the sequence of higher highs and keeping the bull cycle in place.
  • Precious metals are less directional, with gold and silver mixed in early trade, but largely within recent ranges. Spot gold is softer once again and in very close proximity to last Friday's $1687.34, the 2021 low and immediate support.

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