Yesterday, crude oil logged decent gains due to escalating tensions between the United States and Iran. The countries exchanged threats, but with no real actions to back up the strong words, traders have started to hope that a large conflict can be avoided. With risk premium leaving the market, crude was unable to remain at the previous elevated levels. Now, traders wait for supply reports from the American Petroleum Institute and the Energy Information Administration. Futures for delivery of WTI crude oil in February dropped by $0.65 (1.03%) to $62.62 per barrel as of 20:46 GMT on NYMEX today. Brent crude for delivery in March slumped by $0.73 (1.06%) to $68.18 per barrel on ICE.
Precious metals managed to avoid losses despite the fact that the earlier rally was also a result of the
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