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Both WTI and Brent oil rallied well Tuesday, posting gains of over 2% apiece as risk appetite returned to global equity markets. Supportive factors also included further bullish forecasts from a number of sell-side institutions, most notably UBS and Goldman Sachs. This narrows the gap well with the early 2020 highs in WTI crude futures at $65.65/bbl.
Volatility in precious metals markets continued Tuesday, with Silver's rally fully reversing to correct back below Friday's close. This came as a result of Silver's 9% pullback. Weakness in silver carried through to gold prices, which hit new weekly lows at $1829.62.