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WTI, Brent Trade Heavy Despite Dollar Pullback

COMMODITIES
  • Oil markets are soft, with both WTI and Brent crude futures sitting lower by 0.2-0.3% ahead of NY hours. The moves come despite greenback weakness in currency markets, underpinning the underlying weakness in commodities.
  • That said, WTI and Brent crude sit inside last week's range, oscillating either side of the $63/bbl mark.
  • Greenback weakness is, however, helping buoy precious metals to keep both spot gold and silver higher by 0.5% apiece in early Monday trade. Spot gold eyes the 100-dma at $1804.08 for direction, a level not topped since early January.

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