Oil, bitcoin, gold: Commodity price checks

Oil prices (CL=F, BZ=F) are trading slightly lower on Wednesday, following heightened geopolitical tensions in the Middle East as energy markets weigh Iran's attack on Israel.

Gold (GC=F) prices are inching higher despite the strength in the US dollar and the bond market.

Bitcoin (BTC-USD) prices have fallen from their recent highs, as the crypto market anticipates the upcoming bitcoin halving event this week.

Yahoo Finance's Madison Mills breaks down the details.

For more expert insight and the latest market action, click here to watch this full episode.

This post was written by Angel Smith

Video transcript

[AUDIO LOGO]

MADISON MILLS: We're going to do a quick commodities check here, starting with WTI Crude dropping below that critical $85 a barrel this morning. And this is coming after a US government report, by the way, showing that there has been an increase in inventory and, of course, following Iran's attack on Israel this weekend, awaiting that geopolitical tension to continue to fall out here. But we see that oil has been moving a lot over the course of the day. I want to take a look at the past six days here just so that you can see the amount of volatility after oil had hit those highs last Friday.

I also want to take a quick look at what we're seeing with gold if we continue to see this bifurcation in the commodities space. Gold up a little close to 2.5% over the past six days here, and this coming as we're seeing movement in the bond market going higher and also strength in the US dollar. So that's a little bit weird when it comes to the movement that we are seeing in gold.

And then I want to end by taking a look at our old friend, Bitcoin. Struggling here in the trade, seeing that they're down about 8/10 of a percent. I want to pull up what Bitcoin has been doing year to date just to show that that's a little bit abnormal, right? We've been kind of around this trading range here for Bitcoin starting to see it dip below that critical level. So question remaining about whether or not we're going to continue to see more downside for Bitcoin moving forward.