Oil jumps 1.45% as U.S. data trims odds of a Fed rate hike
AI Market Summary
Oil rallied as markets monitored tense U.S.-Iran developments, with talk of tighter economic pressure and potential disruption risk lifting crude and keeping energy prices bid. Softer U.S. data (PPI and retail sales) reduced perceived Fed hike odds, pulling the dollar and Treasury yields lower and supporting gold. Equities slipped on profit-taking in tech, highlighting a rotation toward macro and geopolitical sensitivities.
Impact level
● High
Affected assets
NCCO1OILBRENT2USD/USDT+0.94%
AI Insight · NCCO1OILBRENT2USD/USDTAI Insight
● Neutral
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U.S. final-demand producer prices rose 0.1% month on month in July, below forecasts for 0.2%, further weakening expectations of a Federal Reserve rate increase in September. The dollar index fell 0.25% to 99.67 as the euro rose 0.32%, while the yen strengthened on reports the Bank of Japan could raise rates as soon as September. In commodities, Brent futures climbed 1.45% to $88.33 a barrel and U.S. crude rose to $82.27, while spot gold gained 0.69% to $4,380.03 an ounce.
