In the commodity market, oil prices continued the bearish trend after the Energy Information Administration (EIA) reported a 1.001 million barrel draw last week, which is smaller than analysts’ expectations of a 1.021 million-barrel draw. The EIA also said that gasoline inventories surprisingly rose 1.895 million barrels last week, while analysts expected a 1.829 million-barrel draw. Crude prices continue to be under pressure amid weakening demand caused by the second wave of the pandemic.
Gold is retreating after a bullish session on Wednesday. The metal is now down 0.57% to $1,918. The safe-haven is waiting for the next move in US stimulus negotiations.
In FX, the US dollar has recovered some of the earlier losses amid stimulus uncertainty. However, it is set to end the week lower. The USD Index is up 0.10% to 92.692, and EUR/USD is down 0.05% to 1.1854.
The British pound is trading sideways against the greenback in early trading on Thursday, after surging over 1.50% against both majors. The sterling rose after the UK and the EU resumed trade talks to potentially ink a deal that would enable a smooth withdrawal from the European market.
By Strategy Desk
