What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Crude inches down in Asia following NKorea missile test
On Friday, crude went down in Asia right after North Korea tested another intermediate range ballistic missile over the Japanese island of Hokkaido in the newest tit-for-tat with America as well as its allies for pushing UN economic sanctions. Additionally, market participants looked ahead to the fresh weekly American rig count data.
In New York, October delivery crude futures sank 0.52% being worth $46.93 a barrel. As for London’s trade, Brent futures declined 0.29% trading at $55.10 a barrel.
Overnight, crude settled at seven-week maximum underpinned by a pair of reports suggesting that ascending global crude demand could potentially stem the glut in oil supplies.
Oil futures opened the trading session on the front foot leaping above $50 a barrel for the first time in five weeks because market participants kept cheering Wednesday’s International Energy Agency report, which unveiled that global crude demand in 2017 will rise by the most since 2015.
Our analyst discusses the latest news and shares his trade ideas on gold, EUR/USD, and S&P 500. Jump in!
The Bank of England will publish a monetary policy statement and update on the interest rate on Thursday, at 14:00 MT time.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).