WTI, Brent Bull Run Eases

After a fearsome rally over the past three weeks, WTI and Brent crude futures moderated Friday. Losses were muted, with WTI retreating just over 1% from the Thursday close. With inclement weather in the southern US states expected to ease over the weekend, a number of producers have begun to put production back online, soothing supply pressures into next week.

The pullback in prices eased the overbought outlook for WTI. The RSI hit multi-decade highs mid-week, levels not seen since the 1990 oil price shock, in which prices more than doubled over the course of a few months.

Gold and silver traded in minor positive territory, benefiting from a weaker greenback throughout the Friday session, but the bounce was shallow after prices touched new 2021 lows during Asia-Pac hours at 1760.67.