Commodity Roundup: Crude oil drops 1%; gold awaits clues on Fed rate outlook

Oil prices eased on Tuesday, but held close to three-week highs on rising Middle East tensions and as China showed some signs of economic recovery. A cargo vessel’s crew was forced to abandon ship on Sunday following missile attacks by Iran-aligned Houthis rebels, the first such evacuation since the militant group’s strikes began in the Red Sea. Crude markets were “marginally lower” in “quiet trading over the Presidents’ Day holiday in the U.S. and as demand concerns offset ongoing Middle Eastern geopolitical tensions”, Reuters reported, citing IG market analyst Tony Sycamore. The European Union on Monday launched a defensive naval…