Crude Oil Prices Brace for EIA Inventory Data After Sharp Selloff

London (Aug 2)  From here, the spotlight turns to the official weekly EIA inventorydata set. That is expected to reveal a drawdown of nearly 3.5 million barrels. An outcome closer to the figures foreshadowed by API may compound downside pressure.

Gold prices struggled to for new direction cues after a mixed set of US economic data outcomes failed to give a decisive lead to Fed policy speculation. PCE inflation registered higher than expected but the ISM measure of factory-sector activity growth underwhelmed.

The ADP estimate of private-sector US jobs growth as well as speeches from San Francisco and Cleveland Fed Presidents John Williams and Loretta Mester are now in focus. In aggregate, these may offer a lift to the US Dollar, undermining the appeal of anti-fiat assets including the yellow metal.

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