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On Monday, crude started the week on a positive note, underpinned by hopes that crude producers will decide to extend an output cut at their gathering at the end of November.
According to the original terms of the deal, OPEC along with 10 other non-OPEC producers led by Russia decided to reduce output by nearly 1.8 million barrels a day for up to six months. In May 2017 they extended the agreement for a period of nine months until March 2018 for the purpose of reducing global crude inventories and underpin crude prices.
Discussions will last till the November 30 meeting, where crude ministers from OPEC and also the participating non-OPEC producers will be present.
Crude prices obtained another boost because a sizable weekly sag in active American crude rigs to the lowest reading since May drove expectations for a slowdown in domestic crude output surge.
Oilfield services company Baker Hughes informed that the overall number of active American rigs drilling for oil went down by eight to 729 the previous week.
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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