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On Tuesday, crude added, underpinned by healthy economic surge and the everlasting supply restraint by a bunch of oil exporters, including Russia and OPEC.
Spot Brent crude futures hit $69.41, rising 0.55% from their previous settlement, which is not far off the January 15 three-year maximum of $70.37 per barrel.
As for American West Texas Intermediate crude futures, they hit $63.99 a barrel, soaring 0.7% from their previous close. On January 16 WTI managed to reach its highest value since December 2014, demonstrating an outcome of $64.89 a barrel.
Market participants told that crude markets were mostly underpinned by healthy economic surge.
On Monday, the International Monetary Fund updated upward its estimate for world economic surge this year and 2019, to about 3.9% for both years, which is a 0.2% jump from its last revision in October.
Meanwhile, in the longer term, market participants are ready for a series of large-scale changes in crude demand coming from the growing popularity of electric cars.
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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