Find out the main drivers for this week
Crude inches down over doubts recent jump will last through fourth quarter
On Wednesday, crude slumped over caution that a price ascend, which kept unrolling for most of the third quarter wouldn’t manage to extend through the last three months of 2017.
American West Texas Intermediate crude futures CLc1 hit $50.05 a barrel, sliding 0.7% from their previous close.
Brent crude futures LCOc1 lost 0.6% being worth $55.65 a barrel.
Market participants told that the sag came over worries that a third-quarter market soar that had raised Brent to mid-2015 maximums by late September had been totally overdone.
Market experts told that market rebalancing is currently underway, and it means that demand isn’t undershooting available supply any longer.
The re-balancing appears to be an outcome of strong consumption. As for other causes one should mention efforts made by OPEC to reduce output by nearly 1.8 million barrels a day this year and the first quarter of 2018.
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.