Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
Crude prices hover close to eight-week maximums on lower US stocks
On Thursday, crude prices were sitting below 8-week maximums, underpinned by hopes that a steeper-than-expected sag in American crude inventories will diminish global oversupply.
Brent crude futures sagged 0.1% being worth $50.91 a barrel, having soared 1.5% in the previous session.
US West Texas Intermediate futures sagged 0.1% trading at $48.69 a barrel.
The previous week American crude stocks went down abruptly because refineries stepped up output and imports dropped, while gasoline shares slumped and distillate inventories decreased, as the Energy Information Administration informed on Wednesday.
The 7.2 million barrel sag in oil inventories by July 21 surpassed the 2.6 million barrel prediction.
This week a number of American shale producers including Hess Corp, Anadarko Petroleum as well as Whiting Petroleum announced their initiative to restrict spending this year due to low crude prices.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.