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Oil was up Wednesday morning in Asia as a larger-than-expected draw in U.S. crude oil supplies and the ever-brightening fuel demand outlook in some countries gave the black liquid a boost.
Brent oil futures rose 0.88% to $74.64 by 12:10 AM ET (4:10 AM GMT), gaining for a fifth consecutive session after rising 1.6% on Tuesday. WTI futures gained 0.83% to $72.72 after rising 1.7% during the previous session.
U.S. crude oil supply data from the American Petroleum Institute showed a draw of 8.537 million barrels for the week ending Jun. 11. The draw was much larger than both the 3-million-barrel draw in forecasts prepared by Investing.com and the previous week’s 2.108-million-barrel draw.
Crude oil supply data from the U.S. Energy Information Administration is due later in the day.
The dollar edged marginally lower in early European trade Wednesday, but remained near a one-month high as traders warily await the latest communications from the Federal Reserve following the recent jump in U.S. inflation.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was less than 0.1% lower at 90.468, having hit a one-month high of 90.677 on Tuesday.
USD/JPY was largely unchanged at 110.06, near its two-month high of 110.325 touched earlier this month, GBP/USD was up 0.1% at 1.4087, above Tuesday’s one-month low of 1.4035, and EUR/USD was marginally higher at 1.2128. The risk-sensitive AUD/USD was up 0.2% at 0.7698.
The U.S. Federal Reserve concludes its latest two-day policy meeting later Wednesday. Although the two-day meeting is expected to culminate in an unchanged decision on interest rates and monthly bond purchases, the backdrop of sharply rising inflation as the country’s economy makes a solid recovery appears to be keeping traders on edge.
Gold was up on Wednesday morning in Asia but remained near its lowest level in four weeks. The dollar steadied ahead of a much-awaited U.S. Federal Reserve policy decision.
Gold futures inched up 0.10% to $1,858.30 by 11:35 PM ET (3:35 AM GMT).
The Fed will hand down its decision as it wraps up a two-day meeting later in the day, with investors on the lookout for clues as to when the central bank will start tapering assets. Despite the insistence from Fed officials to date that monetary policy will continue to remain dovish for some time, concerns about rising inflation triggered the yellow metal’s retreat from an almost five-month high.
Fed officials could project interest-rate liftoff in 2023 but are not expected to signal asset tapering until August or September 2021.
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