The American Petroleum Institute had estimated a crude oil inventory draw of 2.62 million barrels

OIL 

Brent crude remains negative on the weekly charts despite the futures keep a slight bullish bias these days. sentiment in the market remains contradictory as traders weigh rising supplies from major producers and the impact on fuel demand from the COVID-19 pandemic. On the positive side, a weaker American currency has supported the dollar-denominated commodity this week. On Wednesday, the Energy Information Administration reported a crude oil inventory draw of 3.5 million barrels for the week to April 2 along with a hefty gasoline stock increase and build-in distillates. A day earlier, the American Petroleum Institute had estimated a crude oil inventory draw of 2.62 million barrels. Now, the futures struggle to overcome the $63 figure amid the ongoing concerns over the outlook for recovery in global demand.

GOLD 

Gold prices managed to settle above the 20-DMA due to a retreat in the dollar seen these days. The metal bounced from this week’s lows around $1,720, to register more than one-month highs in the $1,760 area. The immediate support is now represented by the 20-DMA that arrives at $1,730 while the key hurdle for sellers lies at $1,700. However, the medium-term outlook for gold prices remains cloudy as the US macro outperformance narrative is set to continue, suggesting the USD index will resume the ascent following the current correction. Besides, the risk-on sentiment and the potential uptick in the US Treasury yields might cap more robust upside in the gold market.