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Oil Solid, Futures Curve Stronger

COMMODITIES

Both WTI and Brent are adding to Wednesday's gains, sitting in positive territory and further pricing in OPEC+'s pledge to accelerate the rebalancing of the oil market this year. The futures curve remains firm, with WTI already pressuring the cycle highs printed this week at $56.33. Focus remains on equity market sentiment, with US futures still eyeing all time highs.

Both gold and silver trade in negative territory, with losses of 1-1.5% apiece so far Thursday. This narrows the gap for gold with the 2021 lows at $1804.71, a break below which would be a strong bearish signal. USD strength remains the driver, as the recent break higher in the USD index continues to add weight to the precious metals complex.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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