Crude Oil Price Outlook – Crude Oil Continues to See Volatility.The crude oil market initially gapped higher to kick off the trading session on Thursday, as the market continues to see a lot of crosswinds. Having said this, the market still is likely to find buyers.
The dollar's crown is slipping, and fast.The dollar has sunk to its lowest in three years as rapidly changing U.S. trade policy unsettles markets and expectations build for Federal Reserve rate cuts, fuelling outflows from the world's biggest economy.
Dollar Crushed as Dovish Inflation Data and Trade Tensions Weigh; Euro Surges to Multi-Year High.Dollar accelerated its broad-based selloff in early US trading, plunging to its lowest level against Euro since 2021. The latest catalyst came from softer-than-expected May PPI data, which followed Wednesday's downside surprise in CPI.
WTI Oil Dips 2.2%, Geopolitical Risk Keeps Bulls in Play.Oil prices surged yesterday ending the day with a 5.4% gain on heightened geopolitical risk from the Middle East. A decision by the US to lighten embassy staff in Iraq and move personnel in the Middle East ahead of Nuclear talks with Iran raised eyebrows.
US Core PPI Falls to 3.0% YoY in May vs 3.1% Expected.Breaking: US core PPI falls to 3.0% YoY in May, up 0.1% MoM. The report misses expectations, with markets predicting a higher rate of 3.1% YoY.