Brent crude oil futures are gradually recovering from a low of $68.53 reached in early September, a level not seen since November 2021. Currently, market sentiment around oil is at its most bearish in over a decade, suggesting a potential turnaround for the commodity.
Attention is now on the lows from August 5 and 21, which range from $74.97 to $75.24. These levels may temporarily hinder further gains. However, as long as Monday’s low of $71.18 holds, along with the September 9 low of $70.51, the upward momentum is likely to continue.
Should prices dip below the early September low of $68.53, the focus will shift to mid-May and the August and November 2021 lows, which range from $65.74 to $64.52.
Spot Silver Price Reaches Two-Month High
The spot silver price has rallied over 11% since its early September low, currently standing at $31.24 per troy ounce. This follows a recent dip to $29.71. As long as it remains above this level, silver is expected to continue its upward trend.
If it surpasses $31.24, the next target will be the July peak of $31.75, with additional resistance at the June high of $31.55 and the May peak of $32.51.
Sugar Prices Surge to Five-Month High
Sugar prices have surged sharply due to reduced supply, breaking through July and August peaks of $20.11 and $20.79, which are now expected to act as support levels.
Currently, sugar is trading at levels last observed in April, with the early April peak of $22.65 as the next target for front-month futures contracts.