Sentiment Damped by Weak Confidence Indices in the Eurozone

Commodities were mixed yesterday despite market optimism about non-standard measures to be adopted by the ECB. Weakness in confidence in the Eurozone and economic contraction in Spain weighed sentiment. The front-month contract for WTI crude oil slid -0.39% to settle at 89.78 while the equivalent Brent crude contract dropped -0.25% to 106.20 at close. Worries over the economic outlook and future oil demand have upstaged news that OPEC’s oil supply has declined due to Iran. Gold remained firmed, hovering around the highest levels in a month.

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Sentiment Damped by Weak Confidence Indices in the Eurozone