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Oil Markets Ebb Amid Holiday-Thinned Trade

COMMODITIES
  • The energy complex traded in negative territory for much of the Monday session, with the closure of US markets for Labor Day keeping volumes, price action and newsflow relatively muted.
  • Nonetheless, a pause in the USD's near-term decline helped weigh on energy markets - particularly oil - with WTI and Brent crude futures edging lower by 0.3-0.5% or so. Declines were modest, with near-term support at $70.42/bbl in Brent futures untroubled for now.
  • Despite the more muted trade across energy products, Dalian-listed iron ore futures resumed recent weakness, finishing with losses of 2.5% Monday. Markets closed off the lows of the session, but still managed to print the lowest level of the year for the Jan 22 active contract.
Energy BulletsCommodities
Energy BulletsCommodities

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