[MARKET ANALYSIS] Crude futures muted amid hopes of de-escalation
Crude and metals trade in tight ranges as diplomatic efforts between the US and Iran mitigate escalation fears, while precious metals benefit from a softer US dollar.
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Crude futures rotate in narrow ranges amid a lack of geopolitical updates thus far in Friday’s session. Despite the recent strikes on US bases in the Gulf and several areas in Iran, worries have eased over further escalation that could involve energy infrastructure. A US official stated late on Thursday that the US remains committed to a resolution with Iran and that technical discussions are ongoing. Furthermore, regional mediators continue to try and de-escalate tensions and revive a nuclear deal. WTI trades in a USD 71.22-72.18/bbl range, while Brent holds above USD 76/bbl. Precious Metals oscillate in tight ranges, but finds support amid a softer dollar. Spot gold trades either side of the USD 4120/oz mark, while spot silver regains USD 60/oz. 3M LME Copper is modestly lower, giving back Thursday’s gains slightly. However, the red metal is off worst levels and trades at the top end of its USD 13.46k-13.51k/t band.
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