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The Commodities Feed: Metals surge higher
Oil prices remain rangebound. ICE Brent settled 0.85% higher on Friday, but oil prices have traded in less than a $3.50/bbl range since early May. To the upside, the market will likely face resistance along the 200-day moving average. We might have to wait for further clarity from OPEC+ and its output policy for the second half of the year to provide any impetus to the market and for it to break out of its recent range. A fair amount of speculative selling in ICE Brent occurred over the last week. Positioning data shows that speculators sold 47,146 lots over the last reporting week, leaving them with a net long of ... (full story)