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WTI, Brent Crude Futures Strike New Cycle Highs

COMMODITIES

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.

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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