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Opec+ Inaction Prompts Crude Oil Price Surge, Copper Plummets 6%

COMMODITIES
  • Oil spiked more than 5% on Thursday to the highest in over a year, after OPEC and its allies agreed to keep production unchanged into April. WTI futures, after hitting lows of $60.56 during the European morning, surged to just shy of the psychological $65, the highest level since January 2020. Saudi Oil minster commenting that there is "no hurry to bring back its 1 million B/P/D cut", kept futures buoyed, hovering around 1% below their best levels as of writing, despite the sharp fade in risk.
  • Copper futures had a very volatile session. After breaking back below 400 and then recovering during the European session, the late spike in the USD prompted a further plummet, totalling 6.5% on the day, as of writing.
  • As US 10-yr yields rose above 1.54%, risk-off sentiment bolstered the US dollar and with it, saw precious metals decline. Spot gold lost 1.2%, however, silver took a 3.5% nose-dive.
Energy BulletsCommodities
Energy BulletsCommodities

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