Oil pulls back 2.7% as markets pause ahead of weekend
WTI crude fell 2.7% to $89.65 as markets took a breather from the week's risk-off tone. The dollar edged lower, European equities posted modest gains, and gold recovered to $4,059, but dealers said the moves reflect position-squaring ahead of the weekend.
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WTI crude fell 2.7% to $89.65 a barrel in European trade as markets took a breather from the week's risk-off tone. Brent dropped 2.6% to $98.05. Even with the pullback, WTI is still on track for a 9% weekly gain and Brent for an 11% weekly gain, with Middle East tensions keeping the bid underneath.
The relief extended across asset classes. German 10-year yields eased from 3.20% to 3.18%, while U.S. 10-year yields slipped from 4.71% to 4.68%. The dollar edged lower against most major pairs. EUR/USD rose 0.1% to 1.1385. USD/JPY held near 40-year highs at 163.75, down 0.1% on the session.
European equity indices posted modest gains. The DAX added 0.7% and the CAC 40 rose 0.3%. U.S. futures pointed to a calmer open after yesterday's heavy selloff, with S&P 500 futures up 0.2% and Nasdaq futures up 0.1%. Gold recovered some ground, gaining 0.3% to $4,059.
The moves look more like a pause than a reversal. Dealers said the pullback in oil and yields reflects position-squaring ahead of the weekend, not a shift in the geopolitical risk that drove this week's rally in crude and safe havens.
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