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Crude markets are sturdy on ascending refinery demand and dipping US rig count
On Monday, crude markets were sturdy and kept to multi-month maximums hit late the previous week as the number of American rigs drilling for fresh output went down and refineries kept starting up after being heavily affected by Hurricane Harvey.
American West Texas Intermediate crude futures demonstrated $49.89 a barrel being intact from their settlement last Friday, simultaneously staying close to the more than three-month maximum of $50.50 briefly hit on Thursday.
Brent crude futures hit $55.67 a barrel, rising 5 cents, which is not far off the nearly five-month maximum of $55.99 showed on Thursday.
Crude refineries across the Gulf of Mexico as well as the Caribbean were restarting after being unavailable because of hurricanes Harvey and Irma that affected the region for the last three weeks.
American energy firms reduced seven crude rigs by September 15, thus bringing the total countdown to about749, which is the fewest outcome since June, as energy services company Baker Hughes reported on Friday.
Follow Canadian core retail sales on September 18 at 15:30 MT time!
The US dollar gained after the Fed’s report, while riskier assets dropped. Let’s have a closer look.
Keep an eye on the UK monetary policy statement on September 17 at 14:00 MT time!