Crude prices pushed lower on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand
Gold Prices Hit Day’s Highs as Trade Tensions Mount – Gold prices rose to the days highs on Wednesday as safe haven demand for bullion was boosted by escalating trade tensions after China announced countermeasures against the latest U.S. tariffs. Worries that protectionist trade policies from the U.S. and China might result in a trade war boosted gold, amid fears over the impact on global economic growth. China’s commerce ministry announced Wednesday reciprocal 25% tariffs on $50 billion of U.S. goods, including autos and chemicals and said the effective date for the new tariffs would be announced at a later time. The announcement came after the Trump administration late Tuesday announced 25% tariffs on $50 billion of annual imports from China in an attempt to force changes in Beijing’s intellectual property practices. Persistent worries over global trade tensions also weighed on the U.S. dollar.
Oil Prices Slide As Focus Shifts To EIA Supply Data – Crude prices pushed lower on Wednesday, as investors looked ahead to fresh weekly data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise. The U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended March 30 at 10:30AM ET (1430GMT), amid expectations for a gain of 1.4 million barrels. After markets closed Tuesday, the American Petroleum Institute said that U.S. oil inventories fell by 3.3 million barrels last week, as refineries boosted output. However, the API report also showed a 1.1 million barrel rise in gasoline stocks, while distillate stocks, which include motor diesel and heating oil, fell by about 2.2 million barrels. There are often sharp divergences between the API estimates and the official figures from EIA.
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