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Oil Recovers In Subdued Session, Futures Moderately Lower

COMMODITIES
  • Oil markets are modestly lower ahead of the close, with WTI and Brent crude futures off by around 1%. The extension of Monday's weakness in the oil complex has opened a gap of just under $4/bbl with the cycle highs posted on March 8th. Despite struggling equity indices price action in crude futures during the US session has been subdued but supportive as markets await the FOMC meeting/statement tomorrow.
  • Spot gold popped above last week's high at $1,740 but immediately retraced and remains in a fairly contained range, trading almost exactly flat on the session in line with US dollar indices. This keeps the technical outlook for gold unchanged, with market focus still on last week's bullish engulfing candle that continues to prop up prices. Slightly more pessimistic price action in Silver, slipping 1.5% on the day.
  • Copper bulls' patience continues to be tested with a 4% fall from the spike high on the week's open. Copper futures (HGA) have sold off by ~2.5%, despite continued wage talks in Chile 'posing a real possibility of strikes', according to analysts at BTG Pactual.
Energy BulletsCommodities
Energy BulletsCommodities

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