Energy complex recovers from the post-OPEC+ leg down – TDS
Source Fxstreet
The latest Department of Energy (DOE) inventory statistics weighed on the crude Oil markets, but with that said, the energy complex has recovered from the post-OPEC sell-off, TD Securities analysts note.
Crude Oil market loses optimism
“The latest DOE inventory statistics, which showed larger inventory builds than expected, have sapped some of the recent optimism out of the crude oil market.”
“The energy complex has recovered nicely from the OPEC driven jolt lower. CTAs are now more likely buyers with uptrends reforming, and spreads have also shown major signs of recovery. Indeed, Commodity Trading Advisor (CTAs) may be back on the bid in WTI and Brent crude, if prices can reach north of $78.46/bbl and $82.77/bbl respectively.”
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Gold price (XAU/USD) loses ground after registering gains in the previous day, trading around $4,050 per troy ounce during the Asian hours on Tuesday.
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