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Crude extends revenues
On Tuesday, crude prices extended profits, with Brent crude reaching a 26-month maximum, underpinned by Turkey's threat to reduce oil flows from Iraq's Kurdistan region to other countries.
November delivery crude futures gained 46 cents in London being worth $59.48 having settled up 3.8%. Previously, it reached $59.49 – the greatest outcome since July 10, 2015.
Additionally, November delivery US crude futures CLc1 gained 15 cents trading at $52.37 having reached a five-month maximum of $52.43.
Obviously, Brent's ascend suggests it extended revenues for a fifth straight day, leaping from $55 last week because OPEC as well as non-OPEC crude producers reiterated that the market was firmly making its way to rebalancing, while crude demand seemed strong enough.
Refineries in Philadelphia have reduced rates as oil deliveries have been hampered by rough seas because Hurricane Maria went north along the Atlantic Coast.
China’s Manufacturing PMI will be out on Wednesday at 04:00 MT time!
China's industrial rebound, progress in US fiscal stimulus and other important news in this article.
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!