Oil Reversed Gains as China's CPI Exceeds Expectations

Crude oil prices gained for a second day, following initial pullback to as low as 100.12 on margin hike, as driven by rises in gasoline prices amid flooding in Mississippi River. The front-month contract for WTI crude oil climbed to 103.95 before settling at 103.88, up +1.30%. Gains were capped by fears over stock-builds. Today in Asia, most commodities retreated as elevated inflation in China raised concerns over further rate hikes. Precious metals, however, remained strong. Gold price soared for a 4th consecutive day with price reached a 5-day high of 1523.9 earlier in the day.

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Oil Reversed Gains as China's CPI Exceeds Expectations