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Oil Prices Shrug Off Rebound, Resume Downward Trajectory

COMMODITIES
  • Oil prices slumped 5% per barrel on Thursday, erasing yesterday's optimism and extending a string of softer sessions amid renewed global lockdowns. WTI crude futures tumbled back towards Wednesday's lows, where 57.25 remains the initial level to watch before more notable support at $55.65 - 38.2% retracement of the Nov 2 - Mar 8 rally.
  • Suez-fuelled gains yesterday are being sold. The ship has still not been freed but for now, the market is shrugging off the blockage, as only a small percentage of the world's crude is shipped through the canal and companies such as Maersk are re-routing to other shipping lines.
  • Precious metals are ending broadly unchanged after bouts of volatile price spikes. Gold has been struggling to find any direction as of late. A brief spike above $1,740 triggered a short-term flurry of buying, however this proved to be short-lived as the dollar index continued to inch higher. Spot gold reversed the entire move and trades down 0.35% at $1,728.50.
  • Copper futures fell back below the 400 mark as Chinese demand concerns and the stronger dollar continue to impact the whole of the commodity space.
  • Bitcoin came close to posting a $10,000 reversal in less than a week, printing lows of $50,440.
Energy BulletsCommodities
Energy BulletsCommodities

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