Observing news today one can easily get disappointed. However, things are getting better.
Crude is steady as strong Chinese demand relieves concern of everlasting glut
On Thursday, crude prices were steady because strong demand from China relieved concerns of an everlasting fuel glut.
Brent crude futures showed $47.75 a barrel, gaining 1% from the previous close.
West Texas Intermediate crude futures were worth $45.48 a barrel, sliding 1% from the previous close.
China imported up to 212 million tons of crude oil during the first six months of 2017, adding 13.8% compared to the same period of the previous year, as customs data disclosed on Thursday, making China the world's number one oil importer ahead of the US.
The strong demand from China definitely relived worries of an everlasting fuel supply overhang.
On Wednesday, the Organization of the Petroleum Exporting Countries told that the world would require up to 32.20 million bpd of oil from its members in 2018, which is 60,000 bpd less compared to this year, as customers have raising choices of supply from outside the crude cartel.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
US Fed comes right on time with the crisis support program announcement. How does the stock market react?
We could gain from buying emerging-market currencies such as South African rand, Mexican peso and Brazilian real.
Here are the most important topics that will determine the dynamics of currencies, commodities and stocks on Thursday, April 9. N