Commodities Stabilize as Greece Concerns Priced in, US Data Mixed

The commodity market stabilized after slumping in the prior day. Sovereign concerns in Greece remained and US data were mixed. Yet, most have been priced in and some investors started bargain hunting as they thought the selloff was overextended. The WTI crude contract for July delivery fluctuated within a narrow range and closed flat while the August Brent contract rebounded and ended the day gaining +0.89%. Gold stayed firm as escalated debt problems in Greece upstaged strength in the US dollar.

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Commodities Stabilize as Greece Concerns Priced in, US Data Mixed