Risks remain tilted to the upside in oil
Oil prices are continuing to consolidate around the upper end of their trading range over the last couple of months. Concerns about Covid cases in Beijing and global growth are continuing to prevent a much larger rally in oil prices as a result of the undersupply in the market, a potential EU ban on Russian imports and the reopening in Shanghai.
We’re seeing gains again today of around 1% but these are still relatively small and represent a slowing of momentum in the rally. Risks still remain tilted to the upside, even after the recent moves, but it just may not be as explosive as we’ve seen at times before.
Gold slips ahead of the FOMC minutes
Gold is making small losses ahead of the Fed minutes as the dollar claws back some of the recent declines. There’s clearly some nerves around what the minutes will contain which is why we appear to be seeing a little profit-taking.
The yellow metal is seeing some support around USD 1,850 after peaking near USD 1,870 on Tuesday. Assuming the minutes don’t contain anything too shocking, we could see it continue to push higher as economic fears push investors back towards safe-havens.
For a look at all of today’s economic events, check out our economic calendar: www.marketpulse.com/economic-events/
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