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Oil On the Up, Gold Edges Off Monday Highs

COMMODITIES
  • Benchmark oil futures contracts sit higher for a second session, with WTI and Brent extending the late Monday gains despite today's rebounding dollar. An improved outlook for H2 2021 continues to buoy prices, with re-opening gathering traction across both the European continent as well as a number of US states.
  • WTI now faces resistance at the Mar 15th high of $66.15, while Brent may find a focus on $69.73, the March 8th high and key bull trigger.
  • In precious metals space, spot gold is edging off yesterday's highs of $1,797.98/oz, and is faring more poorly than silver, which holds the bulk of the Monday gains. This has kept the gold/silver ratio under pressure, touching new multi-month lows in the process.
Energy BulletsCommodities
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