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Oil enjoying reprieve, gold coming under pressure
Oil seeing temporary reprieve Oil prices are rebounding on Tuesday, up around 2% after falling for the last two sessions. The gains came following the release of Chinese trade data which showed purchases from the world’s largest importer surged last month. The IEA was also optimistic about the recovery from the pandemic in its World Energy Outlook, with the group seeing the global economy rebounding next year, although it’s long term assessment for oil demand was bleak, in line with others. While both of these have given crude prices some reprieve this morning, it doesn’t change the fact that near-term risks ... (full story)