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Oil prices are recovering thanks to the rise in US inventories

News Date: 8/12/2022 04:44:28

The dollar was able to compensate for some of the losses it recorded yesterday, as the dollar index rose by 0.19% to 105.33 in the Asian session, in light of the investors’ focus on expectations regarding the path of monetary policy that the US Central Bank will pursue, amid fears that the rise in prices will cause interest to an economic recession.

The Japanese yen fell as long-term US Treasury yields fell from their lowest levels in three months.

As for the euro, it settled at 1.0505 dollars, while the pound sterling fell 0.18%, to 1.2190 dollars.

Both the Australian and New Zealand dollars fell, as the Australian fell by 0.16% to $0.67145, and the New Zealand dollar fell by 0.06% to $0.6353.


Oil prices received remarkable support today, Thursday, as production and gasoline stocks rose in the United States of America, and US crude prices rose during today’s trading by 1.3%, to reach levels near $73 a barrel.

Benchmark Brent crude rose 1.9 percent to $78, after falling yesterday to its lowest level this year.


Gold prices declined, as spot gold contracts fell by 0.2% to $1783.5 an ounce, after rising yesterday with the decline of the dollar. Gold contracts fell by 0.2% to $1,795.10.

Silver fell 0.6% to $22.60, platinum lost 0.2% to $1,000.67, while palladium settled at $1,844.20.

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