Commodity Update March 12, 2021: Oil Surges to Nearly $70 amid Better Economic Outlook

Commodity update as of 8:51 local time in Thailand on March 12, 2021

 

Oil prices rose on Thursday to challenge the $70 resistance level once again as vaccine rollouts buoyed the economic outlook even with the surge in crude oil inventories that increased by 13.8 million barrels during the week ending March 5, higher than what analysts had anticipated at 2.7 million barrels.

Over the night, Biden has signed the 1.9 trillion coronavirus relief bills and directed states to make all adults eligible for the Covid vaccine by May 1.

Gold Spot maintained around 1,700 dollars per ounce, while U.S. 10-year bond yield also moved in a 1.50% range.