Gold Prices Show That Oil Is Still Cheap

Oil prices have tanked over the past two weeks, suffering from fears of additional OPEC supply hitting the market, the shattering of demand optimism over Delta variant fears, and unfavorable fuel inventory data.  WTI was trading at $65.99/bbl early Tuesday, with Brent at $68.24, levels they crossed two months ago. That marks a sharp trend reversal after taking out multi-year highs just weeks ago, which naturally begs the question of whether the oil price run-up had run too far, too fast. The oil bulls will be happy to hear that oil prices…