The price of crude oil has been trading in a narrow range over the past several weeks, ever since the energy market started stabilising following the OPEC+ deal for the reduction of aggregate production. But even with the oil price war between Saudi Arabia and Russia now being a thing of the past, the next several months look like they are going to be quite turbulent for the precious commodity. [...]

The price of crude oil has been trading horizontally in a very tight range since the beginning of June. So far, the commodity's bullish run, which was initiated in the wake of the oil market crash, appears to have reached a deadlock, and is struggling to advance higher. Oil's price has been trading around the psychologically important threshold of 40 dollars per barrels since the 5th of June. [...]

The precious commodity climbed more than $6 per ounce since the height of the market rout in late-March, which was triggered by the coronavirus crisis. The surge in demand for silver was impacted positively by gold's bullish run that was unfolding at the same time. Both developments can be attributed to investors' heightened demand for safe-haven assets, which typically encompass low-risk securities [...]

Crude oil has been consolidating in a tight range ever since our previous analysis of the commodity's price action. This is partly due to the gradually increasing aggregate demand worldwide, as governments ease their restrictions, and partly due to the recovering industrial activity. Moreover, the supply glut from the beginning of the coronavirus crisis, which inspired the crash in the energy market [...]

The recent rise in the demand for the precious commodity stemmed from the resurgence in COVID-19 cases in the US and elsewhere, as governments continue to ease containment restrictions. Owing to the once again growing numbers of confirmed cases, the global uncertainty that continuously casts a shadow over the prospects for economic recovery is once again heightened. [...]

While the speculative nature of the stock market rally is now being questioned due to its apparent disregard for underlying economic factors, the impact of the recovery process in the energy market is becoming increasingly more pronounced. The price of crude oil, in particular, has registered a remarkable, bullish run since late-April, when it plummeted below $0 per barrel for the first time on record.

Since our previous analysis of platinum, the commodity's price action has depreciated by more than 100 dollars per troy ounce, in congruence with our projections. A new downtrend has evolved within the rough boundaries of a descending channel, which represents a major retracement from the previous bullish trend. [...]

The price of gold behaved exactly as per our projections from our last analysis of the precious commodity's price action. It consolidated in range while having a last-ditch attempt at continuing the bullish run's establishment. The bullish run itself was initiated in the wake of the coronavirus crisis as more and more investors internationally were seeking to hedge their risks from the uncertainties of the [...]

The energy market appears to have finally stabilised following the historic collapse that took place just a little over a month ago. The price of crude oil tumbled to negative rates in late-April because of several contributing factors. At that time, the disagreements between the member-states of OPEC+ concerning production output coupled with the height of the coronavirus crisis threw the energy market into disarray. [...]

Platinum is one of the most-traded assets in the commodities market, which makes it one of the primary gauges for the overall stability of the broader market. Its price action in the wake of the coronavirus crash could be quite telling of the underlying processes currently taking place in the commodities market, which is why it deserves close attention. [...]