Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude ascends on Libyan supply disruptions
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.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.