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Oil Futures Remain Soft, Firmer USD Partly Responsible

COMMODITIES

Having pulled lower Monday on renewed virus and lockdown concerns, WTI and Brent crude futures remain weak ahead of the Tuesday COMEX open, although yesterday's lows remain in tact for WTI at $46.18. API inventories data due after-market today take focus.

A modest equity bounce in Europe (indices are higher by around 1%) spot gold and silver are in negative territory, with a firmer USD also adding some weight. Directional parameters for gold remain in tact at the 50-dma support of $1870.32 and the Dec21 high above at $1906.82.

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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