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Oil, Metals Slip on Dollar, Yield Rally

COMMODITIES
  • WTI and Brent crude futures traded lower into the Tuesday close, pressing the oil complex to fresh weekly lows. Price action worked in favour of the WTI-Brent spread, which widened by around $0.50/bbl.
  • USD strength was the primary catalyst behind lower commodities, exposing first support in WTI at $67.12/bbl and $70.42/bbl for Brent crude.
  • Gold was largely catching up with the firmer US dollar as well as the grind higher across Treasury yields following the re-opening of US trade after the extended weekend. Gold showed below $1800 support to slip to new weekly lows and expose the $1797.61 50-dma.

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