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Oil Sharply Lower With Equities

COMMODITIES

Risk appetite took a sharp knock in European hours Monday, prompting a considerable move lower in both commodity markets and equities. WTI and Brent crude futures have been knocked by around 5% apiece, undoing much of the progress made over the past 2 weeks or so. The 23.6% Fib retracement of the November-December rally comes in as first support at 45.59 for WTI, with the USD remaining a key driver for prices.

Gold took a considerable knock on the initial USD rally, erasing the yellow metal's early outperformance. Much of the move has been pared ahead of the COMEX open, however, prompting gold to trade broadly flat on the day.

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