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Oil Flattered by Softer Greenback, But 50-dma Contains Brent for Now

COMMODITIES
  • Oil headed into the Friday close on firmer footing, with both WTI and Brent crude futures firmer following a tumultuous Friday session. USD-denominated oil benchmarks sit firmer, flattered by a pullback in the dollar after softer than expected PCE and MNI Chicago PMI releases. A flatter US curve flagged concerns surrounding the US growth picture, limiting the gains for WTI over Brent, and pressuring the spread between the two contracts.
  • Precious metals trade well, with gold and silver off recent lows and looking to snap a stronger losing streak for the yellow metal. A positive close Friday would snap a ten session losing streak for gold, but the bounce looks shallow at current levels. The outlook remains negative absent any break of $1930.61 - the June 27 high - and the 100-dma of $1944.47.
  • Industrial metals traded more poorly, mirroring the pullback in the longer-end of the US Treasury curve.
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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