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Oil Makes Further Progress, Futures Curve Steepens

COMMODITIES

Energy markets trade higher again early Tuesday, with WTI crude futures adding over 1% to hit the best levels since early September. This narrows the gap with the next upside target at $44.59, the late August highs.

USD weakness and higher equities are the main drivers for oil at this stage, with the news that Biden's team will gain access to transition materials also helping support sentiment.

In precious metals, spot gold is lower for a second session, hitting new multi-month lows as equities continue to make progress. Spot gold is narrowing the gap with first key support at the 200-dma at $1,797.19. This level was last broken back in March.

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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