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Oil prices have retreated to around $70 per barrel as geopolitical tensions ease and market volatility linked to AI developments intensifies. Canadian inflation accelerated in May due to rising gasoline prices, although core inflation metrics remained near the Bank of Canada's 2% target. The unwinding of the recent geopolitical premium in WTI crude suggests a shift in market dynamics, with traders now focusing on macroeconomic data and central bank policies. This development could impact energy sector investments and commodity-linked currencies like the Canadian dollar. For traders, the interplay between AI-driven market sentiment and traditional macroeconomic factors presents both risks and opportunities. Investors should monitor upcoming central bank decisions and AI-related corporate earnings reports for potential market-moving signals.
