Oil prices rose more than 4% on Wednesday, to their highest in more than two months, after sources said the U.S. was preparing to evacuate its Iraqi embassy due to heightened security concerns in the Middle East. Brent crude futures settled $2.90, or 4.34%, higher to $69.77 a barrel. U.S. West Texas Intermediate crude gained $3.17, or 4.88%, to $68.15. Both Brent and WTI reached their highest since early April. Surprised traders bought crude futures on reports the U.S. was preparing to evacuate its embassy in Iraq, OPEC's No. 2 crude producer after Saudi Arabia. A U.S. official said...
The EUR/USD surged during the North American session but remains shy of clearing the 1.1500 figure, following the release of a softer-than-expected inflation report in the United States (US), which could prompt the Federal Reserve (Fed) to reduce borrowing costs in the near term. At the time of writing, the pair trades at 1.1482, up by over 0.50%. US data revealed that the Consumer Price Index (CPI) in May fell short of estimates as prices continued to trend lower. Following the data release, US President Donald Trump posted on his social network that the Fed should lower the fed funds rate...
Gold edges higher in the early Asian session amid geopolitical tensions that typically enhance the safe-haven appeal of the precious metal. The U.S. is moving to scale down its presence in parts of Middle East to essential personnel, State Department and Pentagon said Wednesday, as tensions in the region rise. The tensions come before the sixth round of nuclear talks between the U.S. and Iran scheduled this weekend in Oman. Ongoing hostilities in the Middle East continue to weigh on investor confidence, says Bas Kooijman, CEO and Asset Manager of DHF Capital, in an email. Spot gold is 0.2%...