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Oil Uptrend Firms, WTI & Brent Hit New Cycle Highs


The uptrend in oil contracts continued Tuesday, resulting in WTI and Brent crude futures hitting new cycle highs and the best levels since early 2020. USD weakness helped contribute, although Bank of America analysts warned that Brent could face some stiff resistance headed into the $58-60/bbl levels. Wednesday's DoE inventories could prove crucial to the ongoing rally, with markets currently expecting a draw of near 2mln barrels in headlines stocks.

Having sustained material losses since the beginning of the year, silver bounced Tuesday, adding just under 2% to show above the Monday high. Friday's highs are still well away, however, with 27.21 the initial upside target.

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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