Oil futures extended the previous day's gains following a large export-driven decline in US crude inventories, but remained within a wide price range as the market awaited developments on the Russia-Ukraine situation. US inventory data "suggests that oil demand remains relatively strong," while geopolitical and trade concerns kept traders cautious, said Rania Gule of XS.com in a note. "Price gains are likely to be limited and temporary, as the market faces medium-term oversupply risks, so long-term price support depends on stronger global demand or lower production," she added. WTI rose...
Gold fell around 0.6% to around $3,325/oz during Thursday's European session, after selling pressure emerged every time the price approached $3,350. The tone of the July FOMC minutes, which emphasized the need for clarity on the impact of tariffs on inflation, kept the market restrained and kept the US dollar strong - a combination that was less than favorable for gold. However, there are differing views within the Fed. Michelle Bowman and Christopher Waller believe a 25 bps cut is preferable because they prioritize cooling the labor market. Officially, the Fed held interest rates at...
Gold prices weakened slightly on Thursday (August 21st) after the minutes of the US Federal Reserve's July meeting showed a majority consensus to keep interest rates on hold, as investors awaited the central bank's annual Jackson Hole symposium later for further policy guidance. Spot gold prices fell 0.2% to $3,340.09 per ounce, as of 08:02 GMT. US gold futures for December delivery also fell 0.2% to $3,382.30. The minutes of the Fed's July meeting showed that policymakers who disagreed with last month's decision to keep interest rates on hold – Vice Chair Michelle Bowman and Governor...
Oil prices rose on Thursday (August 21st), boosted by signs of strong demand in the United States, with uncertainty over efforts to end the war in Ukraine also providing support. Brent crude futures approached a two-week high and rose 46 cents, or 0.7%, to $67.30 a barrel at 08:17 GMT. U.S. West Texas Intermediate (WTI) crude rose 50 cents, or 0.8%, to $63.21 a barrel. Both contracts rose more than 1% in the previous session. Russia said on Wednesday that efforts to resolve Ukraine-related security issues related to the war without Moscow's participation were "a futile path." "If the White...