
The oil price looks optimistic. What are the reasons?
On Thursday, crude went down in Asia, with financial markets still backed by demand and supply fundamentals. Additionally, investors closely watched the US market for new demand cues if the Trump administration passes an ambitious tax cut.
November delivery crude futures sagged 0.36% in New York trading at $51.95 a barrel. At the same time, in London, Brent futures declined 0.42% being worth $57.33 a barrel.
Overnight, the given commodity managed to settle higher because market participants appreciated data demonstrating a sudden draw in American crude supplies suggesting a revival in refinery activity as well as exports following disruptions caused by Hurricane Harvey in August.
Inventories of American crude went down by approximately 1.9m barrels by September 22, confounding hopes for a soar of 3.4m barrels.
As for gasoline inventories, they tacked on by nearly 1.107m barrels.
The oil price looks optimistic. What are the reasons?
Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
PMI reports from the EU, the UK, and the USA will be released during the day!
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Jump in to know the key market events and trading ideas for this week!
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