Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude is intact to weaker in Asia
On Tuesday, crude was flat to weaker in Asia trade, with industry estimates of crude as well as refined product stocks from the American Petroleum Institute in America ahead.
Market experts polled on Monday by S&P Global Platts actually expect American crude stocks to add 10.1 million barrels. Additionally, inventories of gasoline and distillate were supposed to dip respectively 4 million barrels and 300,000 barrels.
On Wednesday, official figures will be released by the Energy Information Administration.
In New York, October delivery crude futures sagged 0.04% reaching $48.05 a barrel. In London, Brent futures stood still at 53.84 a barrel.
Overnight, crude settled higher amid a leap in market sentiment after Saudi Arabia told its oil minister held negotiations with rivals as for the possibility of further extending the supply-cut pact beyond March 2018.
By the way, for recent months OPEC has faced criticism because market participants are skeptical as for the crude cartel’s commitment to restrict output after its compliance rate with output cuts declined to its lowest value this year in July.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.