Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Crude prices go down amid broader market selloff
On Friday, crude prices went down as part of a broad-based selloff across financial markets, and also notwithstanding signs that oil markets are confidently tightening.
Brent crude futures demonstrated an outcome of $51 sliding 3 cents from their previous close. The given benchmark is braced for a 2.2% dip this week, which would be the most impressive tumble by July 7.
In the US, West Texas Intermediate crude futures showed $47.06 a barrel, dipping 3 cents too. The benchmark is also set to dive for the week, losing 3.6%, which might be the greatest sag by July 7.
Crude traders told that the crude dips arose amid a selloff across many other financial markets, including Asian and American equities stocks, where market participants, voted with their feet amid ascending downbeat mood that Donald Trump, involved in controversy, would manage to achieve his economic agenda.
The sags emerged notwithstanding clues, especially in America that oil markets were inevitably tightening.
The Australian economy has been on a steady recovery path, and now we have a very symbolic confirmation that S&P ASX 200 is about to cross 7000!
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.