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On Wednesday, crude prices extended their revenues from last session, driven by supply disruptions in Libya as well as expectations that an OPEC-led output reduction is going to be extended into the second half of 2017.
Brent crude futures had soared 14 cents from their previous close to $51.47 per barrel by. In America, West Texas Intermediate crude futures gained 20 cents, being worth $48.57 a barrel.
Yesterday, both crude benchmarks added by more than 1%.
Crude output from the western Libyan fields of Wafa and Sharara has been blocked by armed protesters, cutting output by 252,000 barrels per day, as a source at the National Oil Corporation informed Reuters on Tuesday.
The Organization of the Petroleum Exporting Countries and some other oil producers including Russia, have agreed to reduce output by nearly 1.8 million bpd during the first half of 2017 to rein in a global fuel supply overhang and also bolster prices.
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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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