Free Trial

Oil Uptrend Firms, WTI & Brent Hit New Cycle Highs

COMMODITIES

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

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.