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Oil drifts away from three-year maximums on signs of overheated market
On Thursday, crude drifted away from three-year maximums on signs that a 13-percent soar since early December might have run its course. However, a sudden sag in American output as well as lower crude inventories underpinned crude prices.
American West Texas Intermediate crude futures hit $63.50 a barrel, which is 7 cents below their previous close, although still close to a December-2014 maximum of $63.67 a barrel hit yesterday.
As for Brent crude futures, they reached $69.10 a barrel, which is 10 cents below their previous settlement, although still close to yesterday’s high of $69.37 a barrel - the highest reading since an intra-day jump in May 2015.
American output dived 290,000 barrels a day to approximately 9.5 million bpd, as the EIA informed, thus confounding hopes for American output breaking through 10 million bpd.
Notwithstanding it, more bearish signals are emerging. American and Asian fuel inventories are still ample, and in some cases are even going up.
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.