Oil prices fell on Tuesday after rising more than 2% in the previous session, as market participants turned cautious ahead of a meeting of much-anticipated OPEC+ this Sunday when the producer group may discuss deepening supply cuts.
RBC Capital analyst Helima Croft to Reuters: “We see some scope for the group to do a deeper reduction, but we would anticipate that Saudi Arabia would seek additional barrels from other members to share the burden of the adjustment.”
European gas prices registered gains after Iranian backed Houthi rebels seized a vessel in the Red Sea.
Meanwhile in the precious metals market, prices of gold, silver, platinum and palladium advanced with support from a softer dollar before the minutes of the Federal Reserve’s last meeting, which investors will use to gauge which way rates are headed.
Elsewhere among agriculture commodities, soybeans, wheat and cocoa traded higher.
Recent Commodity Price Movements
- Corn (C_1:COM) +0.43% to $471.52.
- Wheat (W_1:COM) +0.34% to $545.36.
- Soybeans (S_1:COM) +0.53% to $1,374.50.
- SPDR Gold Shares ETF (GLD)
- VanEck Gold Miners ETF (GDX)
- VanEck Junior Gold Miners ETF (GDXJ)
- iShares Gold Trust ETF (IAU)
- Direxion Daily Gold Miners Index Bull 2X Shares ETF (NUGT)
- Sprott Physical Gold Trust (PHYS)
Other Metal ETFs:
- iShares Silver Trust ETF (SLV)
- Sprott Physical Silver Trust (PSLV)
- Global X Silver Miners ETF (SIL)
- U.S. Copper Index Fund, LP ETF (CPER)
- abrdn Physical Palladium Shares ETF (PALL)
- U.S. Oil Fund, LP ETF (USO)
- Invesco DB Oil Fund ETF (DBO)
- U.S. 12 Month Oil Fund, LP ETF (USL)
- U.S. Brent Oil Fund, LP ETF (BNO)
- U.S. Natural Gas Fund, LP ETF (UNG)
- U.S. Gasoline Fund, LP ETF (UGA)
- Invesco DB Agriculture Fund ETF (DBA)
- Teucrium Soybean ETF (SOYB)
- Teucrium Wheat ETF (WEAT)
- Teucrium Corn Fund ETF (CORN)