Observing news today one can easily get disappointed. However, things are getting better.
Crude stands still to down in Asia as market awaits fresh supply/demand cues
On Thursday, oil stood still in Asia, with minor fresh direction on supply or demand supposed to bump crude prices either way ahead of American rig count data at the end of the trading week.
In New York, October delivery crude futures went down 0.08% being worth $48.37 a barrel. At the same time in London Brent futures didn’t change sticking to $52.53.
Overnight, oil settled higher because data disclosed that American supplies of crude went down for a eighth-straight week. At the same time worries of dipping demand for gasoline relieved, following a bigger-than-expected sag in gasoline inventories.
Crude went up for a second-straight day because a report from the Energy Information Administration disclosed that crude as well as gasoline stockpiles inched down the previous week, although revenues were capped because American output was still at a two-year maximum of 9.528m barrels, adding up to 26,000 bpd from the previous 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.
Here are the most important topics that will determine the dynamics of currencies, commodities and stocks on Thursday, April 9. N
OPEC+ is holding a video conference this Thursday to strike a global output cut deal - will that happen?
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