Base Metals Extended Rally Whilst Oil Prices Declined
Prices of both crude oil benchmarks and refined oil products declined, paring the gains made late last week. The losses were, however, contained by the news that Libya’s Sharara field was shut down due to a pipeline blockage. The front-month WTI crude oil contract fell -2.35% while the Brent contract was down -2.01%. For refined oil products, the Nymex heating oil contract plunged -3.04%, while the RBOB gasoline contract was down -2.46%.
