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Commodities: Oil In Wait-And-See Mode Ahead Of U.S. Midterms

All Articles on Seeking Alpha·about 20 hours ago
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Summary

  • Oil prices edged lower yesterday, settling down for a second consecutive day.
  • Gold climbed back above $4,000/oz after briefly falling below the key level in Tuesday’s trading session, as attention shifts to the Federal Reserve's 28 October meeting.
  • In industrial metals, copper moved higher, supported by signs of tightening supply and firm physical demand in China. T.
  • Iron ore remained under pressure. Prices fell to their lowest level in more than two years as a softer demand outlook in China coincided with rising supply.
Oil Industry in the Shadows of the U.S. Flag

J Studios/DigitalVision via Getty Images

By Warren Patterson, Head of Commodities Strategy and Ewa Manthey, Commodities Strategist

Energy - Gasoil crack moves lower

Oil prices edged lower yesterday, settling down for a second consecutive day. With Brent still trading around $114/bbl, oil prices