The sharp selloff in equities continues to pressure commodity futures. However, there is a slight pull back in crude oil prices ahead of EIA inventory data release even as the US dollar strengthened against the basket of currencies.
Equities suffered after China decided to clamp down on credit offtake and the US Federal Reserve policy outcome scheduled to be released later today. What has prevented commodities from registering a sharp sell-off is the technical support that most counters garnered at lower levels, especially gold and crude oil.
Crude oil is refusing to fall below the 100-day moving average, which is helping commodity traders take an optimistic view on the market for now. Crude oil futures were little changed below $75 per barrel since Asian trades.
Source & Full Article BloombergUTV
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