Observing news today one can easily get disappointed. However, things are getting better.
Crude prices are firm on upbeat mood over sagging stocks
On Wednesday, crude prices firmed to keep to eight-week maximums reached in the previous trading session, on hopes of a drawdown in American stocks and a leap in shale crude output demonstrating signs of slowing.
Brent crude futures jumped 0.7% being worth $50.56 a barrel, having soared more than 3% on Tuesday.
American West Texas Intermediate futures grew 1% trading at $48.35 a barrel.
The previous week American crude stocks went down abruptly because refineries spurred output. At the same time gasoline inventories jumped and distillate stocks slid, as Tuesday’s data from industry group the American Petroleum Institute disclosed.
Crude inventories tumbled by 10.2 million barrels by July 21 to about 487 million, versus expectations for a tumble of 2.6 million barrels.
The market has been encouraged by Saudi Arabia's upbeat statement on Monday at a gathering of the Organization of the Petroleum Exporting Countries as well as non-OPEC participants that it would restrict oil exports to approximately 6.6 million barrels per day in August, thus dipping almost 1 million bpd from last year.
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