The rally for the yellow metal
The dovish Fed pushed the price for the yellow metal up.
Crude is near 2015 maximums on tight market
On Thursday, crude was steady with trading activity drying up on the eve of the New Year weekend.
Heading into next year, investors told that market conditions were quite tight because of everlasting supply cuts led by OPEC and Russia.
American West Texas Intermediate crude futures hit $59.69 a barrel, adding 5 cents from their previous close. Earlier this week WTI had overleapt $60 a barrel – the first such a jump since June 2015.
WTI gained support from the American Petroleum Institute, which reported a 6 million barrel sag in crude inventories to about 432.8 million.
Meanwhile, Brent crude futures reached $66.50 a barrel, soaring 6 cents. Earlier this week this crude benchmark managed to break through $67, which is the first time since May 2015 this week.
Investors told that the high prices were caused by a relatively tight market after a year of OPEC as well as Russia-led production drops that were started last January and supposed to cover all of 2018.
Similar
Gold reaches new high
The price for the yellow metal has crossed the level at $1,341.
5 important events this week will bring us!
Find out the main drivers for this week
Latest news
British inflation tacks on for the first time this year
In July, Britain's inflation rate rallied for the first time in 2018, thus leaving many UK households feeling quite squeezed by prices, soaring at nearly the same tempo as their wages…
Evergreen buck heads north
On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
Gold sinks on soaring greenback
On Monday, gold declined because the evergreen buck managed to gain early traction, thus putting pressure on the most popular precious commodity, which has been sticking with the year’s minimums…
Deposit with your local payment systems
