
The oil price looks optimistic. What are the reasons?
On Thursday, oil was narrowly mixed in Asia because market sentiment was backed regionally by China's official manufacturing PMI. However, the market is currently powered by the stoppages as well as damaged provoked by Hurricane Harvey along the American Gulf Coast.
October delivery crude futures declined 0.02% in New York being worth $45.95 a barrel. Meanwhile, in London Brent crude futures soared 0.08% trading at $50.77 a barrel.
In Japan, July’s provisional industrial output data went down 0.8%, which is more than a 0.5% sag expected.
In China, the official manufacturing Purchasing Managers' Index in China hit 51.7 in August, surpassing hopes, as data issued on Thursday disclosed.
Experts surveyed by Reuters expected China to report August’s official PMI of 51.3, which is a bit down from July’s outcome of 51.4. An outcome above 50 stands for expansion. On the contrary, a reading below indicates contraction.
The oil price looks optimistic. What are the reasons?
Congratulations! Gold has just opened a new era... or, rather, reopened...
Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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