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On Tuesday, crude prices were intact because OPEC told that there were evident signs the market was rebalancing and American output was still offline due to Hurricane Nate.
American West Texas Intermediate crude futures hit $49.64 a barrel, soaring just 0.1% from their previous close.
As for Brent futures, they also gained no more than 0.1% trading at $55.85 a barrel.
Crude prices were backed because OPEC told crude markets were rapidly rebalancing after a long period
OPEC has made vigorous effort to reduce output in 2017 just to stop years of overproduction, which generated an enormous supply overhang.
Short-term crude price support was also received from America, where up to 85% of US Gulf of Mexico crude output or just 1.49 million barrels a day, turned to be offline because of Hurricane Nate. Crude companies evacuated employees from Gulf platforms and reduced output ahead of the natural disaster.
On Monday, gold surged nearly 1% hitting the highest value for three months because a combination of fears over soaring American yields as well as the impact of trade clash, along with geopolitical risks and also a weaker greenback, backed demand for the…
On Thursday, gold jumped over 1%, thus getting back to the psychologically crucial mark of $1,200 because a rout in global stock markets underpinned worries over soaring bond gains, speeding down global growth, not to mention trade clashes…
On Wednesday, gold slumped because elevated bond gains kept to their steepest values since 2011 and the USD index stood still sticking with its seven-week maximum…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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