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Swift Oil Rally Puts WTI at Best Level Since March

COMMODITIES

Both WTI and Brent crude futures saw a stiff rally Thursday, adding over 3% apiece to hit the best levels since March to open levels not seen since the beginning of 2020 and before the COVID crisis. The rally began in earnest in European hours, but extended throughout the NYMEX session as traders took confidence in evidence of firm oil demand from Chinese refiners and Indian importers. Brent crude futures traded above $50/bbl for the first time since March.

Precious metals traded pretty much flat, with spot gold and silver trading either side of unchanged as equity markets tread water - taking little cue from macro drivers to retain the directional parameters.

Energy BulletsCommodities
Energy BulletsCommodities

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