Oil Stays Steady, Gold Climbs On US Yields | investing.com – Investing.com

Oil Stays Steady, Gold Climbs On US Yields | investing.com – Investing.com

Oil prices remain steady

had another sideways day in a narrow range overnight, with the opposing forces of higher production versus a weaker US dollar seemingly balancing each other out for now. rose 0.67% to USD63.30 a barrel, and WTI rose 0.40% to USD59.75 a barrel. Both contracts have eased by 20 cents a barrel in Asia in directionless trading.

Oil markets continue to monitor developments in the US/Iran talks in Vienna. Although the chances of a breakthrough are low, any signs that one may occur is likely to send oil lower in the short term.

In the bigger picture, Brent crude continues to trade noisily between USD60.00 and USD65.00 a barrel, and WTI's between USD57.50 and USD62.50 a barrel. Intraday sentiment and flows continue to dominate proceedings. A breakout of those wider ranges will signal oil's next directional move.

Gold roars higher on lower US yields

markets powered higher overnight after a dovish Jerome Powell and poor US sent both US yields and the US dollar lower. Fed Chairman Jerome Powell stayed solidly on message overnight, emphasising once again the Fed's priority in assisting the US employment recovery while dismissing inflation concerns as transitory.

Gold rose 1.05% to USD1755.50 an ounce,