Crude oil prices are down over 6% this week as China increases virus-curbing measures after a surprise US stockpile build. A major US refinery is back online, but WTI’s chart shows a breakout chance.
The Australian Dollar fell alongside iron ore prices after China increased Covid curbs in the city of Guangzhou. A crypto market rout weighed on market sentiment ahead of the US CPI data.
Gold and silver prices are at key technical levels after rallying in the first half of the week as a US Dollar pullback improved conditions for the metals. The US consumer price index (CPI) may threaten the rally.
The Chinese Yuan is in focus ahead of Chinese inflation data due today. US stocks closed higher after traders brushed off volatility in the cryptocurrency market. Copper resumed a technical breakout.