Observing news today one can easily get disappointed. However, things are getting better.
Crude prices sag, while staying close to eight-week peaks
On Friday, crude edged lower, while still hovering over 8-week maximums, underpinned by a dip in American inventories as well as OPEC's ongoing attempts to cut output.
Brent crude futures tumbled 0.1% demonstrating $51.43 per barrel.
American West Texas Intermediate crude futures decreased 0.1% being worth $48.99 per barrel.
In the previous session both benchmarks rallied to their highest values since May 31, backed by a soar in American gasoline futures after earlier support from OPEC's fresh attempts to restrict exports as well as an abrupt dip in US crude inventories.
By July 21 US crude stocks went down abruptly by 7.2 million barrels because of strong refining activity and also a jump in exports, as follows from data from the Energy Information Administration.
Flooding American crude supplies have appeared to be a challenge to output cuts to back prices led by OPEC.
Crude prices have been underpinned by a further agreement between OPEC as well as some non-OPEC participants to limit Nigerian crude production and also encourage several members to comply with their promised output cuts.
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.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.