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On Friday, crude drifted away from December-2014 peaks hit yesterday.
In spite of the fact market experts and investors have been pointed to the risks of a downward price correction since the beginning of 2018, they stress that overall market conditions are still good, mostly because of everlasting output cuts led by the Organization of the Petroleum Exporting Countries and also Russia.
American West Texas Intermediate crude futures hit $63.41 a barrel, sliding 0.6%, which is below their previous close. The day before WTI futures demonstrated its strongest reading since late 2014 hitting $64.77 a barrel.
As for Brent crude futures, they hit $69.11 a barrel, declining 0.2% from their previous settlement. The previous day Brent also marked a December-2014 maximum of $70.05 a barrel.
Meanwhile, American commercial crude inventories went down nearly 5 million barrels by January 5, hitting 419.5 million barrels.
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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