Oil Extends Weakness on USD's Strength
BonTradeUS data showed improvement and facilitated a rebound in the US dollar from its 3-year low yesterday. USD's recovery, however, drove commodities lower, sending the front-month contract for WTI crude oil to 110.3, the lowest level since April 20, before closing at 111.05, down -2.18%. The equivalent Brent crude contract also plunged, losing -2.13 to settle at 122.45. Both benchmarks remained under pressure in Asian session today. Added to WTI crude's weakness was the sizable increase in oil inventory estimated by API. Concerning precious metals, silver slumped further on long liquidation.
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Oil Extends Weakness on USD's Strength
