Observing news today one can easily get disappointed. However, things are getting better.
Crude sinks 1% on surprise soar in US inventories
On Wednesday, crude lost 1%, with ascending US fuel inventories pulling American crude back below $50 per barrel. Meanwhile, still high OPEC supplies put pressure on international oil prices.
American West Texas Intermediate crude futures hit $48.69 per barrel descending 1% from its previous settlement. It took place after on Tuesday the contract started above $50 for the first time since May 25.
As for Brent crude futures, this benchmark lost nearly 1% too, sticking to $51.31 a barrel.
According to the American Petroleum Institute, by July 28 American crude stocks managed to jump by 1.8 million barrels, ruining hopes that recent inventory draws turned to be a sign of a tightening American market.
Outside the USA, this week Brent futures were suppressed by reports, showing output from OPEC at a 2017 maximum of 33 million barrels a day. It’s notwithstanding OPEC's promise to limit output along with other non-OPEC oil producers by about 1.8 million bpd from January to March 2018.
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