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Oil

Crude prices are still rebounding from yesterday's Saudi denial that OPEC+ was considering an output increase. Oil is having a tug-of-war with China’s Covid demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight.

White House official Hochstein said that the US can still manage any energy emergency with the SPR. ​ He also noted that it will be opportunistic about refilling the SPR and that they could look to immediately repurchase oil when prices are in the $70 per barrel range.

The recent oil price slide was overdone and given global economic activity excluding China won't completely fall off a cliff, prices should continue to stabilize here.

Gold

Gold got a little boost from the weaker dollar but that appears to be fading quickly. Gold should have a hard time rallying here as the dollar seems poised to find some support here. ​ The Fed is likely to stick to the hawkish script for a while and unless we see a major improvement in China's COVID situation, gold should struggle to muster up a meaningful rally.