Oil edges higher, strong dollar disrupts gold’s ascent

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<li>US sanctions Russian oil service companies and First deputy energy minister Sorokin</li>
<li>WTI Crude open interest plunges to lowest levels since January</li>
<li>Gold tumbles after reaching a two-month high</li>
</ul>
<p>Oil</p>
<p>Crude prices are drifting higher on what is a very slow news day for crude. ​ Yesterday’s declining stockpile data and weak demand stats didn’t help oil extend its recent rally. ​ Today’s US data painted a mixed picture for the economy as the labor market still looks tight, while other parts of the economy remain weak. Brent crude looks like it wants to find a home below the $80 level and that might support a broadening formation until next Wednesday’s EIA report and FOMC meeting. ​</p>
<p><a href="https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04.png"><img loading="lazy" class="alignnone size-large wp-image-806511" src="https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04-1024×573.png" alt="" width="700" height="392" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04-1024×573.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04-300×168.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04-768×430.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04-1536×860.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/CL1_2023-07-20_14-26-04.png 1634w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>
<p>Gold</p>
<p>Gold is weakening as Treasury yields surge after jobless claims reminded us how strong the labor market remains. ​ Gold continues to come off a two-month high as Fed rate hike bets edge higher. ​ Gold is looking a little heavy here as prices approach key support that has been in place for most of the month of July. ​ A drop below the $1960 level could trigger some momentum selling towards $1940.</p>
<p>​<a href="https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12.png"><img loading="lazy" class="alignnone size-large wp-image-806512" src="https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12-1024×573.png" alt="" width="700" height="392" srcset="https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12-1024×573.png 1024w, https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12-300×168.png 300w, https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12-768×430.png 768w, https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12-1536×860.png 1536w, https://www.marketpulse.com/wp-content/uploads/2023/07/GC1_2023-07-20_14-32-12.png 1634w" sizes="(max-width: 700px) 100vw, 700px" /></a></p>