Crude dips after a strong surge

20 October, 2016

On Thursday, crude prices sank on profit taking after financial markets ascended yesterday due to a draw in American stocks and a hope for an OPEC-led cut in output.

American West Texas Intermediate crude futures were worth $51.38 a barrel, losing 22 cents from their last close. International Brent crude futures reached $52.56, sagging 11 cents.

Traders told that the price descends can be explained by profit taking following a surge yesterday, that saw WTI futures settle at a 15-month peak, powered by a drop in American crude stocks by about 5.2 million barrels by October 14 to 468.7 million barrels.

Crude prices kept rising overnight on optimism as for OPEC supply restraint as well as weaker-than-expected inventories.

The overall sentiment in crude markets remained quite confident, with most experts expecting further leaps.

Some analysts stress that American oil is supposed to break a resistance zone of $51.67 to $52.11 a barrel, and the given surge towards $52.78. 


Source link  
Gold goes down on trade agreement

On the Comex exchange, June delivery gold futures headed south by about 0.7% concluding the trading session at $1,275.15 an ounce...

Dollar rallies on Powell's remarks

On Wednesday, the evergreen buck ascended in Asia after Fed Chair Jerome Powell came up with a positive assessment of the American economy...

The yellow metal stands still

The postponed US-China summit as well as weaker estimates for the EU are playing into a decelerating global surge narrative, which could...


Dollar surges versus counterparts

The evergreen buck was held back from dismal American services data, notwithstanding experts reaffirming the services sector was still firm...

Gold surges a bit

On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank...

Gold stands still waiting for comments

On Thursday, gold was intact due to the fact that market participants waited for comments from Fed Chair Jerome Powell in the face of hopes that the head...


Gold reaches 6-month maximum

The yellow metal's objective for $1,300 is still intact, although gold bugs don't seem to hurry to get there, expecting equity markets to dive for the next big move up...

Dollar dips to four-month minimum

The evergreen buck slumped 0.4% being worth 108.81 yen, having dropped to 108.33 yen on Tuesday, which is its lowest outcome since mid-April...

Japanese GDP

Japan will release the first estimate of its GDP in the second quarter at 02:50 MT time on August 14. The recent economic news from Japan was rather positive. In the first three months of 2017...

  


Share it on:   or