Observing news today one can easily get disappointed. However, things are getting better.
Oil goes up amid upbeat mood over demand prospects
On Monday, crude prices moderately ascended in European trade, extending the previous week's strong revenues on signs that demand for oil will pick up in the second half of the year.
August delivery US West Texas Intermediate crude futures showed $46.78 a barrel, gaining approximately 0.5%.
September delivery Brent crude futures soared 0.5% in London, trading at $49.15 a barrel, having hit a one-week high of $49.23.
The previous week WTI inched up 5%, while Brent rallied 4.5%, underpinned by reports of accelerating demand surge from the International Energy Agency, dipping crude stocks in America and crude oil import growth in China.
Notwithstanding recent revenues, worries over ascending global supplies were still on traders’ minds.
American drillers added two crude rigs by July 14, as energy services company Baker Hughes informed on Friday. It brings the overall count up to 765, which is the most impressive outcome since April 2015. It underlines worries that the ongoing rebound in American shale output is derailing efforts by other key producers to rebalance the market.
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.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.
27,000 people became unemployed in private sector
The US Non-farm payrolls, also known as NFP, will be published on April 3, at 15:30 MT time.