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Oil rallies, gold wavers

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Oil

Crude prices are rallying after stockpiles declined more than expected and as OPEC+ remains committed to keeping supplies tight. ​ The EIA report showed that crude, gasoline, and distillate demand improved from the prior week. ​ Gasoline inventories rose but that was somewhat to be expected as peak driving season is well behind us. ​ Production remained steady while imports tumbled. ​ As we approach the peak holiday season, jet fuel demand has clearly returned, approaching the highest seasonal levels seen since 2017.

The path of least resistance is clearly higher for oil prices and it should continue if China’s reopening doesn’t have major obstacles.

Gold

Gold prices are ready to enter holiday mode as the bond market selloff has run out of steam. ​ Gold got a modest boost after falling inflation bolstered consumer confidence and pushed risky assets higher. ​ It looks like gold might struggle to get anywhere close to the $1850 level unless we see a fresh major catalyst.

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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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