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Oil eases, gold lower

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Oil

It was a busy day for energy traders after Germany signaled they were ready to support a gradual ban on Russian oil, the EIA crude oil inventory report posted a small crude build, and King Dollar continues to weigh on commodity prices. ​ Too much to digest, but the key takeaway is that oil prices will likely remain above the USD 100 level as long the dollar doesn’t have another massive rally. ​

The big news of the day is that Germany will support a gradual ban on Russian oil, but that won’t happen immediately so crude prices were unable to turn positive. ​

Gold

Gold got a double dose of bad news as US stocks staged a comeback, dampening demand for safe-havens and as King Dollar continued to rally, rising above the pandemic peak. ​ Gold is very vulnerable to another slide if risk appetite gets another boost on optimism that China could be ready to relax some of its lockdowns. ​

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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