Commodities
Oil sinks while metals and grains catch a bid
Crude leads the downside, but gold, silver, copper, platinum and corn all move higher.
Energy is the big loser. WTI crude falls 6.3% to 75.32 and Brent drops 5.9% to 78.86. CNBC says oil tumbled after Bessent said a Strait of Hormuz deal may come this week, and Reuters reports progress in talks to end the U.S.-Iran war.
Gasoline also falls hard, down 4.2% to 2.8426, and natural gas slips 3.4% to 2.687. The move leaves the energy complex under pressure even as crude remains above its 50-day average in the case of WTI? Not on this print, since WTI is below its 50-day.
Metals are bid across the board. Gold rises 2.5% to 4133.6001, silver gains 3.7% to 59.775, copper adds 1.8% to 6.632, and platinum jumps 8.3% to 1752.0. Copper is also near its 52-week high, just 0.26% off that level.
Grains are mostly firmer too. Corn rises 3.6% to 465.25, soybeans add 0.7% to 1177.25, and sugar edges up 0.3% to 15.06. Wheat is the exception, down 2.0% to 638.0, while cocoa rises 2.5% to 6089.0.