Observing news today one can easily get disappointed. However, things are getting better.
Crude descends in Asia after strong trading week
On Friday, crude slowed its surge in Asia, following the prospect of high inventories as well as more efficient production.
August delivery US West Texas Intermediate crude futures went down 0.20% demonstrating $45.99 a barrel in New York. Meanwhile, in London, September delivery Brent futures slid 0.14%, trading at $48.35 a barrel.
Friday’s moderate losses in Asia haven’t done much to cap one of the best trading weeks for crude in months. Evidently, oil prices have been suppressed for up to three years, but this week’s reports of diving stocks in America and the probability of extending an OPEC output cap to Libya and Nigeria definitely helped to shore up markets.
On Thursday, Nigeria announced that it would restrict its crude output when it stabilizes at about 1.8 million barrels a day. In May, Nigerian oil output reached 1.733 million bpd, while June’s output is supposed to approach the target.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.