Oil Cedes the Hormuz Spike as Copper Builds Managed-Money Length
The Fed's first rate hike in three years sent the commodity complex in two different directions on Thursday. Crude fell back under $102 a barrel as Middle East supply fears eased, while copper held above $6.50 with managed money adding to net longs even as the central bank turned more hawkish.
Key Takeaways WTI crude slipped to $101.52, down 0.89%, after Saudi Arabia restored roughly half its East-West pipeline capacity within days. Copper held at $6.53, up 0.31%, with managed money extending net longs to 129,500 contracts against 37,024 shorts. The Fed hiked 25 basis points to 3.75%-4.00% on September 16, its first increase in three years, and signaled another before year-end. Crude's retrea…
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