Observing news today one can easily get disappointed. However, things are getting better.
Crude sags on high OPEC supplies and ascending US production
On Friday, crude markets tumbled, with American crude still staying below $50 per barrel, weighed by ascending output from the USA and OPEC members.
In New York, US West Texas Intermediate crude futures showed $48.93 per barrel, dipping 0.2% from their previous close and approximately 90 cents for this trading week.
Brent crude futures lost 0.2% tumbling to $51.90 from their previous close and approximately 70 cents for the trading week.
Market participants told that prices were being suppressed by soaring output. However, sturdy demand averted greater dips.
In July, crude exports by OPEC jumped to a record peak, powered mostly by ascending exports from the group's African members.
In America, crude output has reached 9.43 million bpd, which is the highest outcome since August 2015.
Sturdy demand is still preventing crude prices from going down.
The previous week American gasoline demand inched up to 9.842 million bpd, which is the highest outcome since the US Energy Information Administration started gathering the data in 1991, as the federal agency posted this week.
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