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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 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.