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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.
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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