Weak inflation data from top oil importer China also dented sentiment towards oil - HDFC Securities
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Oil prices rose in Asian trade on Thursday, extending recent gains as weakness in the dollar ahead of key U.S. inflation data benefited price, while bets on tighter global supplies remained in play.
The dollar nursed steep losses this week, with focus turning largely towards upcoming consumer price index inflation data for more cues on U.S. interest rates. Data showing an unexpected draw in U.S. oil inventories supported crude markets, although an outsized build in distillates limited overall optimism over tighter supplies. Weak inflation data from top oil importer China also dented sentiment towards oil.
Oil prices benefited from a weaker dollar, as the greenback retreated after Federal Reserve Chair Jerome Powell flagged said the U.S. economy was still headed for a soft landing.
Global physically backed gold exchange traded funds (ETFs) have lost $6.7 billion in the first half of calendar year 2024 (H1-CY24), suffering their worst first half in a calendar year since 2013, said a recent note by World Gold Council (WGC). Total holdings, the report said, have dropped by 120 tonnes (3.9 per cent) to 3,105 tonnes during this period.
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