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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.

Energy BulletsCommodities
Energy BulletsCommodities

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