Oil, Gold, and Coffee Soar as Supply Shocks and Safe-Haven Rush Roil Commodities Markets
Energy Commodities: Oil & Gas Oil markets saw a sharp upswing over the past two days. On Tuesday, Brent crude rallied 1.6% to $67.63/barrel and WTI to $63.41 as news broke that Iraq’s Kurdistan export pipeline remains offline, stalling an expected restart reuters.com reuters.com. Traders had “sold off on reports of a Kurdistan deal, and the lack of a deal has now taken those barrels out of the market,” noted Phil Flynn of Price Futures reuters.com. This reversal snapped a four-session losing streak for oil and calmed oversupply fears by effectively removing ~230,000 bpd of anticipated supply from markets reuters.com