Find out the main drivers for this week
Crude is firm on anticipated OPEC cut extension
On Wednesday, crude rallied after a reported dive in American crude inventories and also on hopes that an OPEC-led output cut aimed at tightening the crude market is going to be extended beyond next March.
Brent crude futures showed a reading of $63.07 a barrel, rising 0.8% from their previous close.
American West Texas Intermediate crude futures hit $57.74 a barrel, soaring 1.6%.
Market participants told financial markets have been underpinned by a recent effort led by the Organization of the Petroleum Exporting Countries to limit crude output in an attempt to tame a global supply overhang.
The deal to restrict output will expire in March next year, although OPEC will have a meeting on November 30 in Vienna just to discuss the outlook for the further policy.
Traders don’t doubt that the meeting's outcome is going to determine crude prices' near-term fate.
Additionally, crude markets were being suppressed by ascending output in America, which has rallied by nearly 15% since mid-2016 to about 9.65 million barrels a day.
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.