Crude Retreated after Breaching US$50/bbl Briefly

After briefly breaking above US$50/bbl, crude oil prices retreated for the first time in 3 days. Together with mixed US economic data, equities consolidated after gaining over the past 2 days. In the energy market, the front-month WTI contract rose to as high as 50.21 before settling at 49.48, down -0.16%, while the Brent contract climbed higher to 50.51 at one point before ending the day at 49.59, down -0.3%. On precious metals, gold fell for a 7th consecutive day with the benchmark Comex contract hovering around a 7-week low of 1219.