After falling for the past two days, the price of WTI crude oil has bounced back off its lows to trade flat to slightly firmer at the time of this writing on Thursday morning. However, WTI still remains in the red three and half days into the week. As a reminder, oil prices rallied last week and made back a significant chunk of their losses from the week before, but not enough to turn positive on the month. At $61.30 per barrel, WTI thus remains more than $5 or 8% below the high of $66.62 hit on Jan. 25.
Gold has extended its losses from Friday after trading flat on Monday. The precious metal was trading around $1,337 at the time of this writing, so it was off nearly $25 or 1.8% from the high of $1,361 reached on Friday.
As we are heading towards the weekend, the dollar is beginning to come back to life again. A lot of investors and analysts were left scratching their heads after Wednesday’s dramatic moves in the markets as dollar reversed earlier gains to head lower despite the release of stronger-than-expected CPI inflation data. The greenback extended its losses on Thursday thanks to momentum selling, before bouncing back today.