Observing news today one can easily get disappointed. However, things are getting better.
Crude prices edge down in Asia after early profits
On Thursday, crude reversed course and dipped in Asia, as market participants moved on from a lower than expected build in American crude stocks as well as a supply disruption in Libya and waited for the latest weekly rig count data from America for further guidance.
In New York, April delivery crude futures lost 0.02%, hitting $49.49 a barrel. Meanwhile, in London, Brent futures sank 0.19%, hitting $52.44 a barrel.
Meanwhile, traders turn attention to Baker Hughes rig count. The previous week’s data disclosed that the number of active American rigs drilling for crude grew by 21, the tenth weekly soar in a row. It increased the total count to 652, which is the most impressive outcome since September 2015.
Overnight, crude futures grew after the latest Energy Information Administration report revealed a smaller than expected soar in American crude stockpiles, while crude production disruptions in Libya kept lifting sentiment.
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.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.