On Wednesday, crude oil lost 2.27% as tensions cooled in Ukraine and U.S. supply data missed investors’ expectations. Because of these circumstances, light crude erased all its gains from Monday's jump and dropped below $101 per barrel.
Last week, gold gained more than 4%, leading the rally in commodities. At the same time crude oil extended earlier increases and finally gained more than 2% on Wednesday. Which of these commodities has a better upside potential in the near term?
To have a more complete picture of the current situation in the oil market, we take a look at the charts from different time perspectives. Additionally, we explore how it relates to oil stocks and the oil-gold link.