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.
Crude sags on ascending American shale output
On Tuesday, crude markets went down, suppressed by soaring American shale output as well as fears that another hurricane affecting the Caribbean could knock out refineries, disrupting shipping to and from the USA.
Nevertheless, dipping shipments from leading exporter Saudi Arabia prevented oil prices from going down further, as some financial experts state.
US West Texas Intermediate crude futures CLc1 reached $49.83 a barrel, sliding8 cents from their previous settlement.
In October, American shale output is set to ascend for a tenth month in a row, as the US government informed on Monday.
Apparently, output across seven shale plays is believed to rally by almost 79,000 barrels a day, hitting 6.1 million bpd, as follows from the US Energy Information Administration's monthly drilling output report.
Outside America, Brent crude futures LCOc1 tumbled 15 demonstrating an outcome of $55.33 a barrel.
The Reserve Bank of Australia will publish its statement and announce the interest rate on July 7, at 7:30 MT time.
The overall market sentiment was mixed after the USA recorded the largest increase in virus cases since May 9. The data even offset the better-than-expected NFP.
The risk-on tone is back on the market again. Let’s look at main trading opportunities.