Observing news today one can easily get disappointed. However, things are getting better.
Crude sags in Asia with financial market monitoring Nate in Gulf of Mexico
On Friday, crude prices went down in Asia following information that another tropical storm dubbed Nate is currently on its way to becoming a full hurricane as it comes up to the Gulf of Mexico with several offshore output sites already shut, which is also true for refineries.
In New York, November delivery crude futures sank 0.10% being worth $50.74 a barrel. In London, Brent futures went down 0.16% trading at $56.91 a barrel.
Overnight, oil managed to settle higher because worries over an uptick in American as well as Libyan production were compensated by negotiations of an extension to the OPEC-led deal to reduce crude output.
Crude revived from a 1% dip sustained from last trading session because Saudi King Salman’s visit to Moscow drove hopes that the two nations would negotiate a probable extension to the global pact to tame output.
In May, OPEC along with non-OPEC crude producers agreed to extend output cuts of about 1.8m barrels a day for 9 months until March next year.
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.
US Fed comes right on time with the crisis support program announcement. How does the stock market react?
We could gain from buying emerging-market currencies such as South African rand, Mexican peso and Brazilian real.
Here are the most important topics that will determine the dynamics of currencies, commodities and stocks on Thursday, April 9. N