Update: WTI Oil Closes Higher But Gives Up Early Gains Following Reports Iran and the U.S. To Extend Ceasefire

Update: WTI Oi Closes Higher But Gives Up Early Gains Following Reports Iran and the U.S. To Extend Ceasefire

West Texas Intermediate (WTI) crude oil closed with a small gain on Thursday but fell off early highs following reports s the United States and Iran agreed to extend their ceasefire even as they earlier traded strikesWTI crude oil for July delivery up US$0.22 to settle at US$US$88.90 per barrel after earlier touching US$92.52. July Brent oil was last seen down US$0.64 to US$93.65.The drop off session highs came after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian GulfOil prices have climbed by half since Iran closed the Strait of Homuz on the Feb. 28 start to the war, blocking much of the 20% of daily oil demand supplied by Persian Gulf nations.In its weekly survey the Energy Information Administration reported U.S. commercial oil inventories fell by 3.3-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a 4.1-million barrel drop.

July WTI Crude Oil Contract Closes up US$0.22; Settles at US$88.90 per Barrel

Update: Gold Rises Midafternoon on Reports Iran and the U.S. Agreed to Extend Their Ceasefire

(Updates prices.)Gold was higher midafternoon on Thursday, rising off early lows as the dollar and yields fell after reports the United States and Iran on agreed to extend a ceasefire for 60 days. lowering oil prices and easing inflation worries even a key U.S. inflation measure rose in April.Gold for July delivery was last seen up US$52.50 to US$4,4,534.00 per ounce, after earlier touching US$4,395.60.The drop comes as oil prices also gave up early gains after Axios reported the two countries will extend their ceasefire agreement. The potential deal comes despite earlier reports U.S. forces attacked a drone-control base in Iran and shot down Iranian drones, while Kuwait intercepted an Iranian missile and Iran attacked commercial shipping in the Persian Gulf.The U.S. Bureau of Economic Analysis on Thursday reported the Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose 3.8% annualized in April, up from 3.5% in March and matching expectations, according to Marketwatch. Core PCE, excluding volatile food and energy, rose at a 3.3% annual pace, again matching expectations and up from 3.2% a month earlier.The Bureau also released its second revision to its estimate for first-quarter gross domestic product growth, cutting its estimate to 1.6% from 2.0%. The agency was expected to maintain its 2.0% estimate, according to Marketwatch.The dollar was lower, with the ICE dollar index last seen down 0.21 points to 98.99. Treasury yields fell, with the U.S. two-year note last seen paying 4.031%, down 1.0 basis points, while the yield on the 10-year note was down 3.2 points to 4.456%.