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Crude sags in Asia with markets still backed on demand views
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 market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.