Commodities
Oil Sinks as Weak Treasury Auction Creates Risk-Off Sentiment
- Renewed risks in Middle East are limiting crude’s losses
- WTI futures fall below $80, paring previous day’s 2.7% gain
Oil is higher this year due to tensions across the Middle East and OPEC+ supply cuts, although prices have softened since early April.
Photographer: Bing Guan/BloombergThis article is for subscribers only.
Oil retreated as another weak sale of Treasuries raised concerns about rising yields, stoking a risk-off mood across financial markets.
West Texas Intermediate settled below $80 as equities declined. The drop pared Tuesday’s 2.7% gains, which were driven by renewed geopolitical risks, including ship attacks in the Red Sea and Israel’s advance into the Gazan city of Rafah.