Oil prices fell slightly on Wednesday after U.S. data showed a bigger-than-expected build in gasoline and diesel inventories, adding to supply concerns amid global trade tensions and ongoing OPEC+ production increases. Brent crude futures were down 28 cents at $65.35 a barrel by 10:44 a.m. EDT (1444 GMT). U.S. West Texas Intermediate crude futures were down 8 cents at $63.33. Crude inventories fell by 4.3 million barrels last week, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop. However, U.S....
The U.S. Dollar Index slumped to 98.8 on Wednesday, near a six-week low of 98.6 hit on Tuesday, as a batch of weak economic data raised fresh concerns about the U.S. outlook. The latest ISM services PMI showed the sector contracted in May for the first time in nearly a year, dragged down by a sharp decline in new business and a surge in input costs, likely driven by new tariffs. Separately, ADP data showed private employers added just 37,000 jobs in May, the slowest pace since March 2023 and well below the 115,000 forecast. In contrast, Tuesday's JOLTs report showed job openings...
Gold rose 1% on Wednesday, supported by a weaker dollar and weak U.S. data, as investors grappled with rising economic and political uncertainty. Spot gold rose 0.8% to $3,378.22 an ounce by 2:02 p.m. ET (1802 GMT), after rising as much as 1% earlier. U.S. gold futures settled 0.7% higher at $3,399.20. The U.S. dollar index (.DXY), opened in a new tab, fell 0.5%, making bullion cheaper for buyers holding other currencies, while the benchmark 10-year U.S. Treasury yield edged lower. "The US services sector - two-thirds of the economy - contracting for the first time in a year has pushed...