Commodities Market Today | Oil Up Over 1% on Demand Signals

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The commodities market today is driven by softer-than-expected US economic data. The 10-year yield fell to 4.352%, the dollar index slipped to 105.11. Brent futures rose 1.28% at $87.34/barrel, while spot gold rose to $2,359.63/ounce.

Top News and Events

  • Yen Hits 38-Year Low Against Dollar: The yen plummeted to a 38-year low against the US dollar and a record low versus the euro on Wednesday. This decline continues as market participants anticipate possible Japanese intervention to support the currency.

  • Dollar Declines on Weak US Data: The dollar fell following softer-than-expected US economic data. The dollar index dropped 0.5% to 105.11, reaching a three-week low earlier in the session.

  • US Treasury Yields Fall Amid Weak Data: The 10-year US Treasury yield decreased again on Wednesday due to weak economic data. The yield dropped over 8 basis points to 4.352%.

  • Crude Oil Prices Rise on Demand Signals: Crude oil futures increased by over 1% on Wednesday as a significant drop in US stockpiles indicated rising demand ahead of the Fourth of July. The WTI August contract rose to $83.88 per barrel, up 1.29%, and the Brent September contract increased to $87.34 per barrel, up 1.28%.

  • Gold Prices Increase on Rate Cut Bets: Gold prices rose over 1% to a near two-week high on Wednesday. This increase was driven by heightened expectations for a September interest rate cut by the Federal Reserve following data suggesting a weakening labour market.

Additional Read: Commodities Market Today

Prices of Popular Commodities

The day’s rate of Gold, Silver, Natural Gas, Crude Oil (Brent), Crude Oil (WTI)

























Note: Stats/Prices updated as of July 4, 2024, at 9:16 AM.

Source: Moneycontrol

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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