Crude steady, gold pauses ahead of CPI

Crude prices remain elevated despite progress on nuclear talks

Oil prices are marginally lower this morning but Brent crude remains above USD 90 and WTI is only a little shy of it. Prices rose a little on Wednesday after a couple of days of losses following the EIA inventory report, which showed a surprising 4.8 million barrel drawdown.

This came as talks appear to be moving in the right direction between the US and Iran, which could see more than a million barrels re-enter the market. A deal is far from guaranteed though and with the market so tight, crude will likely remain elevated. It has helped take some pressure off but as we saw yesterday, there’s still plenty willing to buy into shallow dips.

Gold pause ahead of US inflation data

It’s been a good February so far for gold, which has now recorded seven days of gains in the last eight. The rally appears to be running a little low on momentum though, which is perhaps not surprising considering the inflation data that’s due today and the fact that it’s trading around a key resistance level.

It has managed to force its way above USD 1,830, but just like yesterday, it’s quickly hitting new resistance around USD 1,835. I think we just need to get this inflation report out of the way, after which gold may generate some fresh momentum, one way or another. It’s a little flat on the day so far and may remain so ahead of the CPI release later.

For a look at all of today’s economic events, check out our economic calendar:

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam