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Oil Steady, Gold Down, US Stocks Up as Trump Visits China

Oil Steady, Gold Down, US Stocks Up as Trump Visits China

MGR Online•International•15d ago

Reader Briefing

Oil prices stabilized as 30 ships transited the Strait of Hormuz, while gold declined and US stocks rose amid anticipation of President Trump's visit to China.

  • •Oil prices remained steady on Thursday, May 14, following reports of 30 ships navigating the Strait of Hormuz, with some incidents noted.
  • •Gold prices fell, influenced by rising oil costs and a stronger dollar, as investors awaited the meeting between Presidents Trump and Xi.
  • •US stock markets closed higher on Thursday, May 14, boosted by technology shares and positive economic data, with attention on President Trump's trip to Beijing.
  • •The economic data released showed retail sales as expected, with a contribution from rising gasoline prices linked to the ongoing oil supply concerns.

Overview

  • •Thursday, May 14, saw oil prices remain steady after 30 ships transited the Strait of Hormuz, resulting in ongoing energy supply concerns.
  • •Media in Iran reported 30 ships transited the Strait of Hormuz, but one ship was attacked and another seized, causing worries about energy supply.
  • •West Texas Intermediate crude oil futures for June delivery increased by 15 cents to $101.17 per barrel.
  • •Brent crude oil futures for July delivery increased by 9 cents to $105.72 per barrel.
  • •Gold prices declined on Thursday, May 14, pressured by rising oil prices and a strengthening dollar.
  • •US Gold Futures for June delivery decreased by $21.40, or 0.40%, to close at $4,685.30 per ounce.
  • •US stock markets closed higher on Thursday, May 14, due to the technology sector and better-than-expected general economic data.
  • •Presidents Trump and Xi are scheduled to meet to discuss trade, US arms sales to Taiwan, and the reopening of the Strait of Hormuz.

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Key Entities

Person

Donald Trump(โดนัลด์ ทรัมป์)ℹ️
President of the United States, who is making a visit to China and scheduled to meet with President Xi.
Xi Jinping(สี จิ้นผิง)ℹ️
President of China, who is scheduled to meet with US President Donald Trump.

Place

China(จีน)ℹ️
Country whose president, Xi Jinping, is meeting with US President Donald Trump.
Hormuz(ฮอร์มุซ)ℹ️
Strait that is a critical chokepoint for oil supplies to Asia, with 30 ships reported to have transited it.
Iran(อิหร่าน)ℹ️
Country whose media reported on ships transiting the Strait of Hormuz and involved in incidents with vessels.
Wall Street(วอลล์สตรีท)ℹ️
Refers to the US stock market, which closed higher on Thursday, May 14.
United States(สหรัฐอเมริกา)ℹ️
Country whose stock market closed higher and whose president, Donald Trump, is visiting China.
India(อินเดีย)ℹ️
Country whose cargo ship sank off the coast of Oman.
Oman(โอมาน)ℹ️
Country off whose coast an Indian cargo ship sank.
United Arab Emirates(สหรัฐอาหรับเอมิเรตส์)ℹ️
Destination country where an Indian cargo ship was carrying livestock.

Law

West Texas Intermediate(เวสต์เทกซัส อินเตอร์มีเดียต)ℹ️
Type of crude oil whose futures for June delivery saw a price increase.
Brent(เบรนท์)ℹ️
Type of crude oil from the North Sea, whose futures for July delivery saw a price increase.
US Gold Futures(ยูเอส โกลด์ ฟิวเจอร์ส)
Futures contract for gold delivery in June, which saw a price decrease.

Organization

Fars News Agency(ฟาร์สนิวส์)ℹ️
Semi-state media outlet in Iran that reported on ships transiting the Strait of Hormuz.