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Oil Surges On Omicron Optimism, Gold Still Stuck

By MarketPulse (Ed Moya)CommoditiesDec 07, 2021 11:26PM ET
www.investing.com/analysis/oil-surges-on-omicron-optimism-gold-still-stuck-200610824
Oil Surges On Omicron Optimism, Gold Still Stuck
By MarketPulse (Ed Moya)   |  Dec 07, 2021 11:26PM ET
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Oil

Crude prices continued to rebound on optimism economic activity would get a boost from both easing Omicron virus jitters and on additional easing from China. The upbeat outlook for 2022 should pave the way for a massive uptick in crude demand as the Omicron virus variant seemed poised to not yield massive lockdowns globally.

The energy market was still ripe for higher prices as production levels are to remain depressed due to a lack of investment in new wells. President Joseph Biden might have been a bit premature in celebrating the small drop Americans saw at the gas pump. The risk was still for oil prices to go higher and if colder weather returns, we could easily see USD 80 oil in a couple of weeks.

Gold

Gold was struggling for direction as US stocks were getting close to returning to record-high territory as Omicron fears eased. A slightly stronger dollar and rising Treasury yields helped keep gold anchored. Real yields, however, were not rallying as much and that should be music to bullion backers’ ears.

Gold will likely remain a choppy trade until after Friday’s inflation report and next week’s FOMC meeting. The yellow metal should remain confined to the USD 1760 and USD 1800 range.

Original Post

Oil Surges On Omicron Optimism, Gold Still Stuck
 

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Oil Surges On Omicron Optimism, Gold Still Stuck

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