Find out the main drivers for this week
Crude ticks up, gasoline drops as refineries get back after Harvey
On Tuesday, crude prices ascended because demand picked up and American refineries started resuming operations.
Meanwhile, gasoline futures kept dropping because initial concerns of a serious supply crunch relieved.
October delivery West Texas Intermediate crude futures hit $47.55, soaring 0.5%. On Monday, American crude futures didn’t settle due to the Labor Day holiday in the USA.
Meanwhile, November delivery Brent futures sagged 0.2% in London, being worth $52.25 a barrel.
October delivery gasoline futures lost 1% trading at $1.674 a gallon, which is close to levels observed before storm system Harvey affected the US Gulf coast.
Last Thursday, prices leapt to a two-year maximum of $2.139 on concerns of supply shortages.
Pipelines, crude refineries and shipping channels across Texas and Louisiana started a gradual return of operations after a week ago Harvey impacted the heart of the American energy industry.
The price for WTI has risen to its highest levels since the beginning of May.
On Wednesday, the yellow metal managed to extend gains for the fourth consecutive day, while other metals are going down…
On Monday, gold declined notwithstanding a lower American currency because data underpinned hopes for a Fed interest rate lift…
On Friday, European stock indices fluctuated at the beginning of the trading session…
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.