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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.
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.