Congratulations! Gold has just opened a new era... or, rather, reopened...
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.
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.