Observing news today one can easily get disappointed. However, things are getting better.
Crude prices sag on record American crude stocks
On Thursday, crude prices sagged, as record American crude inventories underscored that oil markets remain bloated, notwithstanding efforts led by OPEC to reduce output and spur prices.
Brent crude futures hit $54.07, tumbling 0.5% from their last close. West Texas Intermediate crude futures slid 0.6%, reaching $50.85 a barrel.
Market participants told the drops came on the back of ascending American crude output, which bolstered inventories to record levels.
American fuel inventories as well as crude output levels are key to whether the USA will remain the world's number one crude importer, thus helping to back prices, or if its ascending output along with large stocks give greater exports to the rest of the world, which would weigh on crude markets.
Meanwhile, on Wednesday, the US Energy Information Administration reported a 1.57 million barrels surge in crude inventories, bringing total American stocks to a fresh record of 535.5 million barrels.
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.
RBA Rate Statement is released on Tuesday at 07:30 MT time.
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.