Find out the main drivers for this week
Crude ascends on tighter supplies
On Monday, crude rallied due to supply concerns in the Middle East. Additionally, the American market demonstrated further signs of tightening. Meanwhile, demand in Asia keeps going up.
Brent crude futures hit $57.87 rising 0.21% from their previous close.
American West Texas Intermediate crude futures reached $52.04 a barrel, gaining 0.39%.
Market experts point out that crude is staying above $50 because probable supply disruptions in the Kurdish region of Iraq underpin prices.
American oil output was also recently affected by a hurricane for the second time, while the overall number of American drilling rigs went down for the third week in a row.
The overall amount of American crude rigs drilling for fresh output sank by seven to 736 by October 20, which is the lowest outcome since June, as energy services company Baker Hughes disclosed on Friday.
In Asia, crude surge is still firm enough especially in India and China, which are one of the biggest crude importers in the world.
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.