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On Friday, crude markets stood firm because the Forties pipeline outage in the North Sea as well as the everlasting OPEC-led output cuts underpinned the commodity, while ascending output from the USA kept oil from soaring further.
American West Texas Intermediate crude futures hit $57.13 a barrel, soaring 9 cents from their previous settlement.
As for Brent crude futures, they reached $63.35 a barrel, gaining cents from their previous close.
Market participants told that in general markets were well underpinned by efforts led by OPEC and Russia to tame supply just to prop up crude prices.
The everlasting outage of the Forties pipeline that carries North Sea oil to the UK, was also backing crude prices because inventories around the globe were being drawn down.
As Goldman Sachs stressed, market conditions enabled the major crude companies to enter "an upbeat earnings-revision cycle" and it should help them to have their capital re-employed at double-digit returns.
On Monday, gold was nearly intact having reported three-straight winning weeks, as market participants prepared for Friday’s reports on American third-quarter surge, while monetary policy decisions this week from the ECB and Bank of Canada are going to…
On Thursday, gold ascended because bullish traders took the Fed’s latest hawkish remark in stride and also targeted the $1,250 level for the purpose of recapturing ground lost earlier in the year…
On Wednesday, gold sank after a two-day rally because a strengthening greenback took some of the bullish support from the yellow commodity because the Fed uncovered details from its latest policy gathering…
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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