Gold, Silver, Copper and Crude Oil Briefing

Gold, Silver, Copper and Crude Oil Briefing

Commodities were on a tear on Tuesday as trade war concerns ebbed and the US Department of Energy bumped up its short-term forecasts for Brent and West Texas Intermediate.

Geopolitical concerns elevated crude prices on Tuesday after President Donald Trump canceled his scheduled trip to multiple South American countries to focus on the USA response to developments in Syria.

The global oil marker rose as much as 3.9% to $71.34 a barrel, blowing past its recent January peaks to reach a level last seen in December 2014.

U.S. WTI crude for May delivery now +2.5% at $64.99/bbl and June Brent crude +2.4% at $70.32/bbl.

Then Chinese President Xi Jinping showed signs of relenting in the trade spat with the United States, promising to open up China's economy, including lowering tariffs on cars and enforcing intellectual property of foreign firms-something that the Trump administration has been eyeing for some time. Adding to the tensions, Saudi Crown Prince Mohammed bin Salman said Tuesday that the country could be a part of an worldwide response to the Syrian violence, Reuters reported.




US crude inventories rose by 1.8 million barrels in the week to April 6 to 429.1 million, according to a report by the American Petroleum Institute (API) on Tuesday, compared with analysts' expectations for a decrease of 189,000 barrels.

Shares of major energy stocks surged alongside crude. This was its largest single-day percentage gain since September. Xi's comments likely sought to temper growing trade tensions between Washington and Beijing, which have been announcing tit-for-tat tariffs over the past two weeks.

Chinese and USA officials have also softened their rhetoric over their trade spat, easing worries over the potential for a slowdown in demand for oil.

Meanwhile, oil prices were also supported by the dollar weakness on Tuesday as a softer greenback makes dollar-priced oil more attractive for holders of other currencies. "The Saudis are confirming what they have already told us and that is that they will do whatever it takes to reduce excess oil inventory and drive prices to what they see is a fair level".

Oil markets have generally been supported by healthy demand as well as supply restraint led by the Organization of the Petroleum Exporting Countries (OPEC). While Riyadh initially targeted the IPO for the second half of 2018, the Saudis are now forecasting the launch for 2019.

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