Phil Carr
The Gold & Silver Club
Oil rose 1.5% on Wednesday following media reports that China was open to agreeing a partial trade deal with the United States, while unrest in OPEC members Iraq and Ecuador also supported prices.
Negotiators from the United States and China, will meet in Washington on Thursday in the latest effort to agree a deal aimed at ending a long-running trade dispute that has slowed global growth.
Up next are the weekly Inventory numbers from the government's Energy Information Administration (EIA) due at 1430 GMT.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Crude Oil with the latest price forecast and predictions:
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EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
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US economy: Slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.