USD-Dominated Commodities Declined as Upwardly-Revised ISM Lifted Sentiment
alexpk548Wall Street rallied with the S&P 500 closing at a new record high as the details of US ISM manufacturing report was encouraging. The US dollar also jumped against most currencies, sending USD-denominated commodities lower. The front-month contract for WTI crude oil fell to a 2-week low of 102.1 before ending the day at 102.47, down -0.23%, while the Brent crude contract plunged to a 3-week low of 108.62 before settling at 108.83, down -0.53%. Weakness in crude prices was also driven by OPEC’s increase in output in May and potential reopening of an export terminal in Libya.
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USD-Dominated Commodities Declined as Upwardly-Revised ISM Lifted Sentiment
