Shares set to edge higher. Tesla rallies. Kathmandu owner KMD Brands posts trading update. Oil jumps. RBA minutes pending. Follow updates here.
Oil surged as simmering geopolitical tensions and the weakening US dollar overshadowed bearish signals coming from internal market metrics. West Texas Intermediate rose 3.2 per cent to settle above $US69 a barrel after the US gave Ukraine the green light to use long-range missiles inside of Russia, amping up tensions between the warring nations. Crude tracked equity markets higher, and a weaker dollar made raw materials priced in the currency more attractive.
Meanwhile, the two nearest futures for West Texas Intermediate crude flipped into a bearish contango structure – where front-month contracts are cheaper than those further along – for the first time since February. The so-called prompt spread’s switch into a discount may be seen as a signal that supplies are outstripping near-term demand. But moves by traders who are bullish on crude may also have contributed to the prompt spread’s slip into contango.
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