Crude oil futures fell slightly during the week, as traders weighed stronger U.S. economic data against the modest decline in oil inventories. Oil prices were buoyed slightly by orders for durable goods, which rose 4.2% in June, the Commerce Department said Thursday.
The increase came in higher than economists’ forecasts of a 1.7% rise in June. Traders also looked to data from the U.K. that showed that all sectors of the economy expanded in the second quarter for the first time in nearly three years. Oil prices are under pressure as traders took into account the seasonal decline in gasoline demand that typically begins by early August in the U.S., the world’s largest consumer of oil.
Although domestic oil inventories fell by 2.8 million barrels for the week ended July 19, according to data from EIA, prices failed to rally off the data after the agency reported even sharper declines in the prior weeks. Meanwhile traders continued to keep an eye on developments in the Middle East.
Copper prices are traded on a negative note in the last week and declined around 0.7 percent on the back of slow economic growth in china and expectation decline in demand for the metal from the country. On the LME Inventories declined around 0.4 percent to 638325 tonnes and on the SHFE inventories fell 0.6 percent to 167429 tonnes respectively.
Booking for product mend to last at least three years rose 4.2 percent, three times the median forecast of economists surveyed by Bloomberg, government data showed today. The dollar drooped against a basket of 10 currencies, boosting the appeal of copper as an alternative assert. Earlier, the metal dropped as much as 0.9 percent amid concerns that demand will ebb in China, the top buyer.
This week, the Gold price has seen tremendous change of increase about 1.2 percent on account to upheld global market. Further ease in concerns from fed regarding cut in its bount buying program supported on upside in prices. Additionally, weakness in the US dollar index (dx)acted as a positive factor. The metal benefits as the dollar fell against the euro after a German Ifo survey showing business morale improved there. Data also showed new U.S. claims for jobless benefits edged higher last week, but remained within a range that suggests the labour market’s recovery is on track.