Free Trial

Oil Markets Erase Early Weakness

COMMODITIES

After a soft start for WTI and Brent crude futures, markets edged higher into the close, with WTI narrowing the gap with the $50/bbl mark, a sizeable psychological level. Early weakness in the energy complex came alongside a slight bounce in the dollar, but this faded at the NYMEX open, with markets still riding high on expected support from US lawmakers, as they near a deal for a COVID stimulus package.

Precious metals edged lower, but losses were muted as markets thinned out pre-holiday. Spot gold remains pinned between two directional parameters - the 100-dma to the upside at 1905.71, and the 50-dma just below at 1871.65.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.