After rallying for three days, ICE Brent and NYMEX WTI were seen trading lower in the early trading session today, even as the American Petroleum Institute (API) reported large crude Oil inventory withdrawals in the US, ING's commodity experts Ewa Manthey and Warren Patterson note.
Gold appreciated for the third consecutive day on Tuesday as the US dollar tanked amid hopes of a dovish turn by the Fed on Wednesday. The US Dollar Index has dropped to fresh two-month lows, which buoys the precious metal to fresh record highs right below $3,700.
West Texas Intermediate (WTI), futures on NYMEX, trades 1.6% higher to near $63.00 during the late European trading session on Friday.