Oil prices fell about 1% on Wednesday (July 16), as signs of rising Chinese crude consumption were offset by investor caution about the broader economic impact of U.S. tariffs. Prices have fluctuated within a tight range, as signs of steady demand from increased travel during the Northern Hemisphere summer season have competed with concerns that U.S. tariffs on trading partners will slow economic growth and fuel consumption. Brent crude futures fell 63 cents, or 0.9%, to $68.08 a barrel at 11:50 GMT. U.S. West Texas Intermediate crude futures fell 69 cents, or 1%, to $65.83. U.S. President...
Gold strengthened slightly on Wednesday (July 16th) as the dollar weakened after a report showed US wholesale prices remained stable last month. Gold for August delivery last traded up US$5.00 to US$3,341.70 per ounce. The US Bureau of Labor Statistics reported the Producer Price Index (PPI) was unchanged in June compared to the previous month, while the consensus estimate was for a monthly increase of 0.2%, according to Marketwatch. The Core PPI, which excludes volatile items, was also unchanged, again lower than the consensus for a monthly increase of 0.2%. This data follows the release...
The US Dollar slumps on Wednesday after CBS reported that US President Donald Trump asked a group of House Republicans whether he should fire Federal Reserve Chair Jerome Powell. The news offsets earlier gains triggered by softer-than-expected US Producer Price Index (PPI) data for June, which initially lifts the Greenback amid signs of easing inflation. At the time of writing, the US Dollar Index (DXY), which measures the Greenback's strength against a basket of six major currencies, is trading sharply lower near 98.00 during American trading hours, retreating from an intraday high of...