Commodities generally performed well last week as supported by weakness in the US dollar. Crude oil, shrugging of warnings that high oil prices would dampen global economic growth, soared with the front-month WTI and Brent contracts gaining +1.46% and +1.53% respectively. Nymex gas remained quiet earlier in the week but rallied after DOE/EIA’s report showing smaller-than-expected increase in storage. ICE gas prices also rebounded later in the week, snapping a 2-day selloff, as the demand/supply outlook is expected to tighten. Precious metals under our coverage climbed across the board.
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