The searing commodity markets gains have stalled, though oil has rallied from steep losses overnight to trade just below $110 a barrel. The United Arab Emirates said it will call on the OPEC+ alliance to boost oil output faster, athat could set the country against fellow members. Gold held losses after falling from a 19-month high.
These reversals are the latest twist in volatile markets as investors assess the risk of an inflation shock that could derail global growth just as the Federal Reserve prepares what’s expected to be the first of several rate hikes next week. U.S. consumer price inflation is likely to hit another multi-decade high in data due Thursday, and though the searing gains in commodities seem to have stalled for now, markets are still beholden to developments in the war in Ukraine and Russian sanctions.
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