Oil falls despite US inventories decline
Oil prices fell on Wednesday, as the US dollar steadied against most of its peers, and turned lower despite a large draw in the US crude inventories.
The Energy Information Administration reported today that the US crude inventories fell 5.2 million barrels to 474 million barrels during the past week, while analysts forecasts a drop by 4.1 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 2.1 million barrels during the same period.
The dollar index rose against a basket of currencies by less than 0.1% to 90.1 points as of 18:04 GMT, after it hit a high of 90.1 points and a low of 89.8 points.
As of 18:01 GMT, WTI crude July futures fell 0.4% to $69.7 a barrel, after hitting a high of $70.6 and a low of $69.4.
Brent August futures fell 0.3% to $71.9 a barrel, after hitting a high of $72.8 and a low of $71.8.
Dollar turns higher ahead of major US data
The US dollar steadied against most of its peers, erasing its early losses ahead of key US economic data.
The US 10-year Treasury yield fell today below 1.5% for the first time since May 7.
Markets await US inflation data tomorrow, which would set estimates correctly for policy tightening by the Fed in the next few years, amid forecasts for the US consumer price index by 0.4%.
The weekly jobless claims will also be released, which is considered a preliminary gauge of the labor market.
The dollar index rose against a basket of currencies by less than 0.1% to 90.1 points as of 18:16 GMT, after it hit a high of 90.1 points and a low of 89.8 points.
Gold closes slightly higher ahead of key data
Gold prices edged up on Wednesday, as the US dollar steadied against most of its peers, and ahead of the key economic data.
The US 10-year Treasury yield fell today below 1.5% for the first time since May 7.
Markets await US inflation data tomorrow, which would set estimates correctly for policy tightening by the Fed in the next few years, amid forecasts for the US consumer price index by 0.4%.
The weekly jobless claims will also be released, which is considered a preliminary gauge of the labor market.
The dollar index rose against a basket of currencies by less than 0.1% to 90.1 points as of 18:19 GMT, after it hit a high of 90.1 points and a low of 89.8 points.
Gold August futures rose less than 0.1 or $1.1, and closed at $1,895.5 an ounce.
Bank of Canada keeps interest rate unchanged
The Bank of Canada announced today to hold the interest rate at 0.25% unchanged.
The bank stated that it will keep its purchases of municipal bonds at $3 billion per month.
The bank stated that the economy is recovering well from the pandemic, but the employment rate is still below pre-pandemic levels.