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Soft Risk Sentiment Leads Oil Lower

COMMODITIES

While equities traded in only minor negative territory, commodities felt the effects of risk-off more broadly, with WTI and Brent crude futures slipping over 1% apiece Tuesday. Nonetheless, the Monday lows were in tact at $46.18 ahead of the close, which could provide some support going forward.

Possibly more notably, Argentinean supply concerns buoyed the Soybean market, with Soy prices hitting new multi-year highs as strike action from soy processors in Argentina and continued dry weather drained supply.

Lastly, gold prices are lower and below the 50-dma at $1870.20, with the bouncing greenback largely responsible, with the yellow metal failing to benefit from soft risk sentiment.

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

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