[MARKET ANALYSIS] Oil prices are contained after retreating yesterday on supply-side headlines, while gold partially rebounds from its post-FOMC drop

The oil move follows the standard template for supply-disruption pricing: crude gaps on outage headlines and then hands the premium back as restoration timelines firm up, which is what the Saudi pipeline resumption report and the Libyan NOC chief's normalisation comments signal. In past episodes of this kind the crude response has been front-loaded in the nearby contracts and the spread, with the unwind tending to run until the repair timetable is either confirmed or slips, so follow-on supply headlines rather than macro carry the tape. Gold's partial rebound after a hawkish FOMC drop fits a familiar sequence, where the first move lower reflects the repricing of real yields and the dollar, and the stabilisation follows once the shock is absorbed; sustained recoveries have historically required the repricing to stop rather than merely pause. The round-number level being retested matters more as a positioning marker than a fundamental one. Copper's resilience alongside Asia-Pac equity steadiness is the cleaner tell on whether the hawkish surprise is being read as a growth threat or a policy recalibration. The next catalysts are the confirmation or slippage of the Saudi and Libyan supply restorations, and any follow-through Fed commentary that either cements or dilutes the hawkish read.