Oil Inventories Fell 1.6 Million Barrels: EIA
U.S.crude oil stockpiles dropped less than expected last week, marking the fourth-straight weekly draw, according to the Energy Information Administration.
Inventory declined by 1.6 million barrels last week, albeit falling short of expectations for a draw of 2.67 million barrels. Inventory dropped 4.5 million barrels the previous week.
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Dollar Weakens Ahead of Fed Minutes; Sterling Gains
The dollar weakened in early European trade Wednesday, with the Federal Reserve’s minutes in focus, while stronger than expected inflation has boosted sterling.
At 2:50 AM ET (0650 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.1% at 92.222. USD/JPY was up 0.1% at 105.50, while EUR/USD was up 0.1% at 1.1943, having hit a fresh 28-month high of $1.1954 overnight.
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Crude Oil Prices Rise Back Toward 5-Mo High as Market Tightens
Crude oil prices edged up to within touching distance of a five-month high on Monday after strong data from the U.S. housing market and reports of big potential purchases of U.S. crude by China helped ease any near-term fears about the strength of global demand.
By 11:25 AM ET (1525 GMT), U.S. crude futures were up 1.1% at $42.47 a barrel, while the global benchmark Brent was up 0.6% at $45.06 a barrel. Both had responded positively in line other risk assets to figures showing the National Association of Home Builders' housing market's index matching its all-time high in August.
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Dollar Weakens; Political Warring Hinders Stimulus Delivery
The dollar weakened in early European trade Monday, weighed by worries about the U.S. economic recovery as political tensions rise and ahead of the release of the latest Federal Reserve minutes.
At 3:10 AM ET (0710 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.2% at 92.933. GBP/USD rose 0.2% to 1.3108 and EUR/USD gained 0.2% at 1.1863. USD/JPY dropped 0.2% to 106.42, despite Japan suffering its biggest economic contraction on record in the second quarter.
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Can Gold Surpass the $3,000 Price Mark?
Market uncertainty is still reigning in the capital markets as a number of economies have yet to still operate at full capacity thanks to the Covid-19 pandemic. As such, precious metals like gold could continue to soar to higher heights with gold surpassing the $3,000 price level.
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Oil rises after bigger-than-expected drop in U.S. inventories
Oil prices rose on Wednesday after an industry report showed U.S. crude inventories last week fell more than analysts had expected, bolstering hopes that fuel demand in the world's biggest economy can weather the coronavirus pandemic.
Brent crude (LCOc1) was up 67 cents, or 1.5%, at $45.17 a barrel by 1012 GMT, after falling around 1% on Tuesday.
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Dollar Gains as Yields Rise; Sterling Calm After GDP release
The dollar traded higher in early European trade Wednesday, helped by a jump in U.S. yields ahead of a massive bond auction and amid hopes that the coronavirus outbreak is coming under control.
At 3:10 AM ET (0710 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.2% at 93.736. USD/JPY was up 0.3% at 106.78 and EUR/USD was down 0.1% at 1.1732.
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Gold rises as China-U.S. tensions escalate
Gold futures on Monday headed higher, resuming a strong uptrend for the precious metal after snapping a five-session win streak on Friday, as China imposed fresh sanctions against U.S. officials in apparent retaliation for similar measures against Hong Kong and mainland officials last week.
China said it would impose sanctions on 11 U.S. citizens, including Republican Sens. Ted Cruz and Marco Rubio.
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Oil Up Over Iraq Production Cuts, Saudi Aramco results
Oil was up on Monday morning in Asia after Iraq said it would step up production cuts and U.S. President Donald Trump took executive action on economic aid for Americans hit by the COVID-19 pandemic, reigniting hopes for a recovery in fuel demand.
WTI futures rose 1.07% to $41.66 by 10:32 PM ET (10:32 AM GMT) and Brent Oil futures also were up 0.83% to $44.78.
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