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Crude markets fluctuate in wake of Hurricane Harvey
On Monday, crude markets fluctuated, with American crude ascending on output shutdowns while international Brent was suppressed by a flight into gold futures, reacting to a mighty North Korean nuclear test explosion.
American gasoline prices rebounded from a spike after the publication of emergency fuel stocks and also on signs that the damage caused by Hurricane Harvey to the Gulf coast energy infrastructure didn’t appear to be as bad as initially anticipated.
American West Texas Intermediate crude futures hit $47.42 barrel, just 13 cents higher their previous settlement.
Market participants told that this price surge was caused by crude output outages provoked by Hurricane Harvey.
Approximately 5.5% of the American Gulf of Mexico's crude output or 96,000 barrels of daily output, were still unavailable on Sunday, as the federal Bureau of Safety and Environmental Enforcement informed.
The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.