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Oil edges higher, strong dollar disrupts gold’s ascent

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  • US sanctions Russian oil service companies and First deputy energy minister Sorokin
  • WTI Crude open interest plunges to lowest levels since January
  • Gold tumbles after reaching a two-month high

Oil

Crude prices are drifting higher on what is a very slow news day for crude. ​ Yesterday’s declining stockpile data and weak demand stats didn’t help oil extend its recent rally. ​ Today’s US data painted a mixed picture for the economy as the labor market still looks tight, while other parts of the economy remain weak. Brent crude looks like it wants to find a home below the $80 level and that might support a broadening formation until next Wednesday’s EIA report and FOMC meeting. ​

Gold

Gold is weakening as Treasury yields surge after jobless claims reminded us how strong the labor market remains. ​ Gold continues to come off a two-month high as Fed rate hike bets edge higher. ​ Gold is looking a little heavy here as prices approach key support that has been in place for most of the month of July. ​ A drop below the $1960 level could trigger some momentum selling towards $1940.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.
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