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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.
Anxiety over the US-China trade conflict and Brexit is keeping the yellow metal’s $1,200 perch alive, notwithstanding the evergreen buck trying to gain leverage against gold on the same fears…
On Monday, gold slipped a bit because the USD index rallied to its highest value for more than 17 months, thus affecting gold’s demand…
On Friday, gold edged down due to the fact that inflation data indicated steady interest rate lifts by the primary US financial institution…
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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