Rising oil doesn’t necessarily lift all prices

Oil prices have continued to recover, with Brent at least briefly topping $50, but this positivity was not replicated across the board. Indeed, the recovery in oil probably contributed to the weakness in gold, as it removed another excuse for the Fed to delay hiking US interest rates. Nor has the recovery in oil prices, which largely reflects supply outages rather than booming demand, prevented iron ore from coming back down to earth in line with its own poor fundamentals.