Natural gas breaks down through support [Video]
|Oil prices came under renewed selling pressure on Tuesday with underlying demand concerns due to the Omicron variant.
The more hawkish than expected Fed rhetoric and a dollar recovery also contributed to selling pressure. WTI plunged over 5% to lows below $65.0 p/b before stabilizing. API data recorded a small inventory draw, although risk conditions dominated.
WTI recovered to $68.00 p/b on Wednesday with Brent around $71.20 p/b as choppy trading continued.
After holding net gains, precious metals dipped sharply following Powell’s comments, especially with strong US dollar gains.
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