Oil Crushed; Metals Fighting

London (June 22)  Wednesday saw the continuation in the beat-down in oil, as not even a bullish report could stop the bleeding in oil. Wednesday’s EIA report showed less of a build and oil fell over $1, bringing lows not seen since before the OPEC manipulation move.

Late Wednesday, metals rallied back marginally and are slightly higher Thursday morning but well off their highs. Both gold and silver look like they may have found some support, making rounding bottoms at $1,240 gold and $16.40 silver.

Source: Reuters