Brent crude oil price drops while silver, copper prices advance
Brent crude oil price drops on hopes of Ukraine-Russia peace deal while silver, copper prices advance.
Brent crude oil price slips
The Brent crude oil price dropped on hopes of eased Russian sanctions following optimism over a potential Ukraine-Russia peace deal.
Last week's $73.94 per barrel low is back in focus. A fall through this level would target the $73 region.
Resistance above the 55-day simple moving average (SMA) at $75.06 sits at Tuesday's $77.01 high.
Brent crude oil daily chart
Silver price remains bid
The spot silver price flirts with the mid-December high of $32.33 per troy ounce, above which last week's three-month high at $32.65 remains in sight.
A rise above the $32.65 high would bring the late September and early October 2024 highs at $32.71 to $32.96 into focus.
The 19 to 25 November highs at $31.53 to $31.48 may offer short-term support ahead of this week's $31.25 low.
Silver daily chart
Copper price continues its ascent
The copper price’s swift advance has so far taken it to $4.7453, with the 28 May 2024 high at $4.9000 remaining in sight ahead of the psychological $5.0000 mark.
Potential dips may find support around the 12 June 2024 high at $4.6123 or the 20 June 2024 high at $4.5888.
Copper daily chart
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