Observing news today one can easily get disappointed. However, things are getting better.
Crude slumps in Asia as American stocks report surprise soar
On Wednesday, oil declined in Asia because doubts over OPEC output cuts starts spreading and the American Petroleum Institute posted a leap in American supplies of crude.
Tuesday’s American crude inventories estimates from the American Petroleum Institute demonstrated a leap of 1.6 million barrels by July 14 versus a sudden sag of 3.740 million barrels. Additionally, inventories of distillates sank 2.9 million barrels. On Wednesday, the market will look to reports from the Energy Information Administration.
In New York, August delivery crude futures sank 0.15% during morning Asia trade, showing $46.33 a barrel. Meanwhile, in London, Brent futures tumbled 0.12% trading at $48.78 a barrel.
American drillers managed to add two crude rigs by July 14, thus bringing the total to 765, as Baker Hughes reported last Friday, with on average five fresh rigs added for each of the previous five weeks.
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