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The Commodities Feed: Gold benefits from haven demand
Price action in the oil market yesterday was choppy with direction once again dictated by broader market worries, given developments in the banking sector. ICE Brent fell towards US$70/bbl but managed to hold above this level and in fact settled more than 1.1% higher on the day. Timespreads have weakened along with the broader flat price weakness in recent days. The prompt ICE Brent spread has fallen from more than a US$0.60/bbl backwardation to around US$0.20/bbl recently. This weakness is not isolated to the prompt spread with weakness across the forward curve. A flattening in the curve suggests the market is less ... (full story)