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WTI, Brent Off Lows Despite Firming Greenback

COMMODITIES
  • The oil market traded lower Tuesday, with both WTI and Brent crude futures settling in negative territory. Futures have risen off yesterday's lows ahead of the NYMEX open, but remain comfortably below the week's best levels.
  • The bounce in oil comes despite souring equity markets across Europe as well as the still-firming greenback. Production issues came back onto focus, with markets clearly remaining cognizant of the Ida-impacted supply out of the Gulf of Mexico, which continues to interrupt as much as 80% of output.
  • Gold is holding the bulk of the Tuesday losses and continues to circle yesterday's lows of $1792.45. A break south of here opens Aug 13 lows of $1751.70.

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