Crude Price Tries To Keep Its Hold Until API Data Release
By Anatol Thomas
The crude oil prices were taking up a beating
despite the efforts of the OPEC to reduce oil production. The oversupply in the market continues to remain a threat to the prices of crude oil. The price was experiencing a loss in the past five days, but the market today favors crude oil prices somewhat. The gains in Asia remain fairly steady as the market is on the watch for the API data.
The weekly inventory flow API data is expected to be released soon and it could affect the price movement of crude oil. The short-term energy outlook from EIA is also to be released soon. With a positive data report, OPEC may continue to persuade the oil producers to cut down on production. When the supply in the market is reduced, it would automatically increase the price of oil futures.
Gold prices remain steady with quiet trading. The comments from the policymakers of Fed are closely watched to change the bets on fed rate hikes. Currently, the bets favor rate hikes as the Fed has indicated that there will be a certain rate hike in June.
The baseline expectations for gold won’t change drastically any time soon because the Fed has disregarded slower economic growth report released recently. The mood of the investors could result in a decrease of yields on benchmark bonds, and improve the appeal of gold. When investors hope for the yields to rise, it will push down gold prices further.
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