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Crude earns in Asia on mixed US inventory picture
On Thursday, crude prices rebounded in Asia because market participants saw buying opportunity on overnight sag on mixed American inventory data.
The US record refinery runs are actually drawing down oil stocks, although gasoline produced isn’t seeing expected sturdy demand. It’s because the summer driving season heads for a close.
In New York, September delivery crude futures rallied 0.24% being worth $46.89. In London, Brent futures soared 0.44% reaching $50.49 a barrel.
Overnight, oil settled lower because data showing that American crude output grew to its highest value for two years compensated a slump in supplies of American crude for a seventh-straight week.
Crude had been sagging for the third-straight day. A report from the Energy Information Administration unveiled that crude stockpiles edged down by more than expected the previous week, and it failed to tame worries over a soar in production.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.