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On Wednesday, crude was steady, not far off mid-2015 maximums hit the previous session because firm demand along with ongoing efforts led by OPEC and Russia to diminish output tightened the oil market.
American West Texas Intermediate crude futures showed $60.40 a barrel, gaining 3 cents from their previous settlement, which is not far off the $60.74 June 2015 maximum hit the previous day.
As for Brent crude futures, they reached $66.55 a barrel, sliding 2 cents, which is not far off the $67.29 May 2015 peak from yesterday.
Notwithstanding this, there were signs that in the last days of 2017 markets had overshot because American output is set to edge up further and also doubts are emerging as for whether demand surge is able to continue at current levels or not.
American output has edged up by nearly 16% since mid-2016, reaching 9.75 million bpd at the end of 2017.
Meanwhile, for the whole of 2017, Russian crude output rallied to 10.98 million bpd versus 10.96 million bpd in 2016 and also 10.72 million bpd in 2015.
Gold has already lost out in a paradigm shift exactly where the number one precious commodity is no longer considered to be a traditional refuge when traders are in a risk-off mood…
On Monday, gold headed south because Turkey’s economic turmoil left financial markets puzzled…
On Friday, gold leapt because market participants rushed to safe-have assets…
In February, Japan's exports probably ascended at the fastest pace for two years due to a softer yen as well as improving global demand, as a Reuters survey showed on Friday…
On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…
On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…
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