Oil edged lower on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty weighing on prices as well. Brent crude futures fell 1 cent to $64.85 a barrel at 0630 GMT. U.S. West Texas Intermediate crude lost 11 cents, or 0.2%, dropping to $62.74 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. [EIA/S] Adding to the weakness, Saudi...
Gold price (XAU/USD) lacks any firm intraday directional bias on Thursday and oscillates in a narrow trading band through the first half of the European session. The commodity, however, remains close to a multi-week top touched on Tuesday and seems poised to appreciate further amid a combination of supporting factors. Investors remain on edge amid rising geopolitical risks and persistent trade-related uncertainties. This might continue to act as a tailwind for the safe-haven precious ahead of potential talks between US President Donald Trump and Chinese President Xi Jinping. Meanwhile,...
'Slightly pessimistic and uncertain' was the characterisation of the US outlook expressed in the Fed's Beige Book released last night and ahead of the next FOMC meeting on 19 June. Yet business sentiment did not show any clear deterioration over prior Beige Books, and the report also noted that 'there were widespread reports of contacts expecting costs and prices to rise at a faster rate going forward'. This latter point is keeping the Fed resistant to growing political pressure to cut rates, ING's FX analyst Chris Turner notes. USD is susceptible to further downside "Softer US data has...