Observing news today one can easily get disappointed. However, things are getting better.
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.
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.
The British pound has increased in value over the course of the past week in line with an ongoing improvement in investor sentiment.
Economic activity in service sector in the Euro zone and the UK is on its lowest rates since 2009.
Jerome Powell made a rare appearance in the public media this Thursday. What did he bring to the audience?