BR: Weakness in Dollar Index Supports Energy Market
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[BRIEFING.COM] Weakness in the US Dollar Index this morning is providing price support to select commodities, including the energy market as well as gold.
July crude oil moved back into positive territory earlier this morning and has remained there since. Crude hit session highs of $76.20 per barrel at the top of the hour and is currently trading just below that level, up 1.4% at $76.14 per barrel.
July natural gas has been in positive territory all session. The energy component hit morning highs of $5.17 per MMBtu a couple of hours ago, but has pulled back slightly in recent trade. Currently, natural gas is trading at $5.12 per MMBtu, up 2.2%
Precious metals are mixed today despite weakness in the dollar index. August gold has traded in the red for most of today's session, but is currently trading modestly higher at $1227.90 per ounce, up 0.3%. Silver moved back into the red an hour ago and is currently just below the unchanged line.