Find out the main drivers for this week
Crude goes down in Asia as Middle East risk premium relieves
On Monday, crude sank in Asia because the market shrugged off a risk premium built around Middle East tensions between Iran and Arab states even as Saudi Arabia at the weekend criticized Tehran once again for backing terrorism.
American West Texas Intermediate crude futures went down 0.12% being worth $56.64 a barrel. Additionally, Brent crude futures sank 0.27% trading at $62.56 a barrel.
In the week ahead, crude trade volumes are believed to stay light around Thursday\'s Thanksgiving holiday as well as Friday\'s concise trading session.
Investors are going to closely watch fresh weekly information on American stockpiles of crude and also refined products on Tuesday and Wednesday in order to assess the overall strength of demand in the world’s number one crude consumer.
The previous week, crude rallied on Friday, although unable to compensate their first weekly loss for six weeks because fears over ascending American output persisted. Meanwhile, weakening hopes for an extension of OPEC-led output curbs put pressure on market sentiment.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.