The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold surges a bit
On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank should suspend monetary policy tightening and traders looked ahead to a bunch of remarks from policymakers.
Eventually, on the Comex exchange February delivery gold futures headed north by 0.19% trading at $1,293.70 a troy ounce.
In December, producer prices tumbled a more-than-anticipated 0.2%, while the core PPIalso suddenly slipped. The data underlined hopes that the key US financial institution can be patient on future rate lifts considering that inflation is still steady.
Higher interest rates tend to put pressure on demand for the yellow metal in favor of yield-bearing assets.
On Tuesday, markets will also get remarks from a number of Fed representatives as they need further clues on the tempo of future rate lifts through this year and beyond.
Minneapolis Fed President Neel Kashkari is expected to deliver a speech on the regional economy at 9:30AM ET before the Rochester Economic Summit.
After that, at 1:00PM ET Kansas City Fed President Esther George is going to talk about the economic outlook as well as monetary policy.
The final speaker will be Dallas Fed President Robert Kaplan who is going to take part in a question-and-answer session prior to the Plano Chamber of Commerce Annual Meeting.
After the major US bank had interest rates lifted four times last year, market participants currently expect the Fed to cease its monetary tightening policy in 2019 because risks to the American economy mount.
As for other metals, silver futures tacked on by 0.16% being worth $15.713 a troy ounce.
Palladium futures managed to ascend by 0.79% being worth $1,292.15 an ounce. As for platinum, this commodity gained 0.55% hitting $806.95.
Copper rallied by 0.72% showing $2.654 a pound.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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