Commodities Market Today | Oil Prices Rise on Stockpile Drop

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Synopsis:

The commodities market today responds to new economic data and decline in US oil stockpile. The 10-year yield rose to 4.381%, dollar index rose to 104.47, US Crude rose to $79.23 and Brent to $83.27/barrel, and spot gold slipped to $2,377.93/ounce.

Top News and Events

  • Treasury Yields Rise on Economic Data Analysis: US Treasury yields rose Thursday after a six-week low, driven by new economic data shaping Fed policy. The 10-year Treasury yield climbed over 2 basis points to 4.381%.

  • Dollar Strengthens on Surging Import Prices: The dollar gained strength as US import prices surged 0.9% last month, raising concerns of delayed Fed rate cuts. The dollar index rose 0.27% to 104.47.

  • Oil Prices Increase on Stockpile Declines and Easing Inflation: Oil prices rose on US stockpile declines for the second week and easing inflation. US crude settled at $79.23 a barrel, up 60 cents, while Brent settled at $83.27, up 52 cents.

  • Gold Prices Dip Slightly Amid Dollar's Rise: Gold prices edged down with the dollar's rise, but the potential for US rate cuts amid easing inflation kept gold near recent highs. Spot gold slipped 0.3% to $2,377.93 per ounce, following a 1% gain Wednesday.

Additional Read:  Commodities Market Today

Prices of Popular Commodities

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

Name

LTP

Change

Change%

GOLD

₹73,155.00

+435.00

+0.60

SILVER

₹85,863.00

+1473.00

+1.75

COPPER

₹896.30

-2.40

-0.27

CRUDE OIL

₹6,566.00

+50.00

+0.77

NATURAL GAS

₹201.80

+6.00

+3.06

Note: Stats/Prices updated as of May 17, 2024, at 9:17 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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