Commodities Steady. Upside Likely Limited as Worries Linger

Commodities stabilize after sharp selloffs Thursday. The front-month contract (July) for WTI crude oil rebounds to 70.6 after sliding to as low as 69.31 earlier in the day. Brent crude also recovers to 71.8 after plummeting to 70.56. The contract dropped for 6th consecutive day to a 3-month low at 70.2 yesterday. Spread between WTI and Brent crude prices narrowed to $1.2/bbl from above $5/bbl a week ago.

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Commodities Steady. Upside Likely Limited as Worries Linger