Observing news today one can easily get disappointed. However, things are getting better.
Crude goes down in Asia with API estimates ahead
On Wednesday, oil prices sagged in Asia, with a first weekly data look at the consequences of Hurricane Harvey ahead with industry estimates made by the American Petroleum Institute as well as caution in the financial markets because Hurricane Irma is making its way to Florida.
October delivery crude futures tumbled 0.32% in New York being worth $48.55 a barrel. At the same time Brent futures tumbled 0.49% in London, demonstrating an outcome of $53.12 a barrel.
Overnight, crude futures jumped because Gulf Coast refineries started restarting operations, reacting to the disruptions provoked by Hurricane Harvey the previous week.
Crude prices kept paring losses sustained the previous week, after pipelines, crude refineries and transportation routes across Louisiana and Texas started restarting operation, thus improving American refinery capacity, right after flooding because of Hurricane Harvey shut down approximately a quarter of refinery capacity the previous week.
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.
US Fed comes right on time with the crisis support program announcement. How does the stock market react?
We could gain from buying emerging-market currencies such as South African rand, Mexican peso and Brazilian real.
Here are the most important topics that will determine the dynamics of currencies, commodities and stocks on Thursday, April 9. N