Crude oil prices started the new week slightly higher. During the last week, the oil prices ended lower after larger-than-expected crude oil inventory builds in the US. Both API and EIA inventory data showed that crude stockpiles in the US increased by 2.6 and 4.351 million barrels in the week ended January 15th.
UK and Australia reported the latest retail sales data on Friday. UK December sales rose 0.3% on the month, better than 4.1% drop seen in November. Australian reported a larger-than-expected 4.2% drop in December retail sales, following the 7.1% jump in November.
Democrat Joe Biden was sworn in as the 46th president of the United States on Wednesday. In his inauguration speech, Biden emphasized the importance of national unity, public service, and racial equity.
US stock futures and Oil price trading steady on Wednesday following the comments from Treasury secretary nominee, and former Federal Reserve chair Janet Yellen. Yellen pushed for a large fiscal relief package, to help the country's economy to deal with the effects of the Covid-19 pandemic.
Gold price slightly rebounded from the previous session lows. Today the gold investors and traders should closely monitor the U.S. Treasury Secretary Janet Yellen's testimony which is scheduled later in the day. As per the recent updates, she expected to give comments about the future of the U.S. dollar policy.