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Oil Retreats Amid Sliding Equity Indices/OPEC Antitrust Probe

COMMODITIES
  • Initial strength in crude benchmarks reversed on Tuesday as equity indices suffered from souring risk sentiment. WTI futures gave up 1.5% while Brent also encountered 1.1% losses.
  • Weakness in European equities at the NY crossover was weighing on crude futures but the move was exacerbated by OPEC headlines circulating on social media.
  • It appears the US House Judiciary Committee have passed a bill opening OPEC to Antitrust lawsuits over production costs, the so-called 'NOPEC Act'. Still uncertain the extent to which the legislation would be considered by the full chamber at this stage, however this helped fuel the next leg lower in risk across financial markets.
  • That being said, the market has recently broken out and this still appears to be a retest of a major breakout with WTI futures maintaining a bullish technical tone following last week's breach of $62.27, Mar 30 high. Firm support is found at $61.36, the 20-day EMA.
  • Copper had a similarly volatile Tuesday, with futures initially approaching fresh nine-year highs at 430.35 before a sharp 2% reversal. With the US dollar posting it's first rise in seven trading days, the renewed copper rally came to a halt. Additional headlines weighed on the base metal: Smelters in China, the largest user of the metal, recommended limiting new capacity and using more scrap to help meet climate goals.
  • Precious metals took a backseat with spot gold 0.4% in the green, despite the stronger dollar and silver broadly unchanged.

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