Steep backwardation hampers crude spot buying
Brent prompt future contract partially recovered from Friday’s sell-off, at 65.6 $/b, as the Iranian nuclear deal seemed in jeopardy after the Iranian refusal to join…
Global stocks continue to rise and so do commodity prices and bond yields, while the Bitcoin is nearing $50000. Risky assets are pushed higher by a mix of confidence in the future economic recovery and speculation in a context of over-abundant liquidity. The reopening of US financial markets will test this optimism today. The EUR/USD is almost stable near 1.2130-40.
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