Oil
It was a busy day for energy traders after Germany signaled they were ready to support a gradual ban on Russian oil, the EIA crude oil inventory report posted a small crude build, and King Dollar continues to weigh on commodity prices. ​ Too much to digest, but the key takeaway is that oil prices will likely remain above the USD 100 level as long the dollar doesn’t have another massive rally. ​
The big news of the day is that Germany will support a gradual ban on Russian oil, but that won’t happen immediately so crude prices were unable to turn positive. ​
Gold
Gold got a double dose of bad news as US stocks staged a comeback, dampening demand for safe-havens and as King Dollar continued to rally, rising above the pandemic peak. ​ Gold is very vulnerable to another slide if risk appetite gets another boost on optimism that China could be ready to relax some of its lockdowns. ​
