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On Tuesday, Brent crude futures rallied above $65 a barrel for the first time since 2015 following the shutdown of the Forties North Sea pipeline, which knocked out considerable supply from a market, which was already tightening because of OPEC-led output cuts.
Brent crude futures hit $65.29 a barrel, soaring 0.9% from their previous close. It definitely marks the first time the benchmark has grown above $65 since June 2015.
American West Texas Intermediate crude futures reached $58.30 a barrel, gaining 0.5% from their previous settlement.
The UK’s Forties oil pipeline, which is the country's largest at a capacity of about 450,000 barrels a day faced an emergency shutdown after cracks were spotted.
The leap in Brent prices extended its premium to WTI prices to nearly $7 a barrel, jumping from approximately $5 the previous week and making American crude exports more attractive.
American output is currently not far off that of leading producers Saudi Arabia and Russia.
On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…
On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…
On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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