Commodities Rebound as US Economy Improves

Oil prices rebounded yesterday after a sharp correction earlier in the week. Market sentiment was boosted by a modestly upbeat US Beige Book. The front-month contract for Brent crude jumped to $123.26/bbl before closing at $122.88/bbl, up +1.62%, while the equivalent WTI contract climbed only +0.81%. The spread between Brent and WTI crude oil prices widened to $15/bbl as disruption of Libya's oil production affected European countries more. Meanwhile, stock-build at Cushing also limited gains in WTI crude. Gold crawled higher initially but gains were pared. The benchmark Comex contract ended the day almost flat.

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Commodities Rebound as US Economy Improves