Rising oil prices reinforce inflationary fears
Brent prompt prices are above $70/b ahead of the OPEC+ meeting (see the Daily Oil), which pushes inflation expectations and bond yields higher. Gold prices…
ICE Brent prices reversed to 72.6 $/b, as the dollar surged against other currencies, due to the more hawkish US macro policy outlook. Interestingly, time spreads at the prompt climbed higher during this event, still valued at 80 cents at the prompt, as fundamentals were not affected by macroeconomic policy. WTI-Brent spreads reversed slightly but we remain constructive on this spread.
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