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On Thursday, in Asia crude prices rallied further, building on overnight revenues following a positive report on American inventories.
In New York, June delivery crude futures tacked on 0.49%, being worth $47.56 a barrel. As for London, Brent futures surged 0.44%, trading at $50.44 a barrel.
Overnight, crude futures rose because traders appreciated the latest data from the Energy Information Administration, demonstrating that American crude inventories sagged more than expected.
Crude prices managed to surge back higher than $47 just to settle higher, as market participants’ worries regarding ascending levels of American crude output relieved, right after the EIA disclosed a bullish inventories report.
Gasoline inventories edged down by only 0.150 million versus expectations for a draw of 0.538 million barrels, while distillate stockpiles sank by 1.6 million barrels, compared to hopes for a 1 million dip.
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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