Find out the main drivers for this week
Brent reaches $70 on output cuts
On Monday, Brent crude rallied to $70 a barrel, underpinned by everlasting output cuts led by OPEC as well as Russia, and neglecting a soar in the US and also Canadian drilling activity, pointing to higher future output in North America.
Brent crude futures LCOc1 demonstrated an impressive $70 reading, gaining 3 cents from their previous settlement.
American West Texas Intermediate crude futures hit $64.53 a barrel, adding 23 cents.
The previous week both oil benchmarks hit levels not observed since December 2014 - Brent touched $70.05 a barrel, WTI hit $64.77.
On Monday, ANZ bank told that crude prices had recently soared on data, which kept showing the market is tightening.
Crude markets have been underpinned by output cuts led by the Organization of the Petroleum Exporting Countries as well as Russia. Both cuts are braced for propping up oil prices.
The cuts emerged in January 2017 and are set to continue through 2018. The cuts have coincided with healthy demand surge, spurring oil prices by more than 13% since December.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.