16 March, 2016
The prices of oil edged up in European trade on Wednesday, after OPEC and non-OPEC producers agreed to conduct a meeting about freezing production on April 17 in Doha, Qatar, even though Iran will not attend.
Brent for May delivery rallied by 1.34 percent or 52 cents, to hit $39.26 by 5:05 AM ET.
Meanwhile, on the New York Mercantile Exchange, crude oil for April delivery gained 1.82 percent or 66 cents to $37.00 per barrel. This move to the upside comes amid speculation that the weekly supply data, which will be released later in the day will reflect a slower than expected pace of increase in US crude inventories during the prior week.
The industry group American Petroleum Institute stated that the US oil stockpiles increased by just 1.5 million barrels in the week which ended on March 11. This figure is below the forecast of a 3.4 million barrel gain.
According to the industry group, crude supply at the Cushing, Oklahoma, delivery hub for US crude rose by 471,000 barrels. Meanwhile, distillate and gasoline inventories shed 830,000 and 1.2 million barrels, respectively.
Since plunging to 13-year lows at $26.05 on Feb 11, WTI futures have recovered by about 35 percent, as a drop in US shale output boosted sentiment. However, market analysts warned that conditions in the market are still weak because of an ongoing domestic oversupply.
The premium of Brent to WTI crude stood at $2.26 per barrel, in comparison to a gap of $2.40 by the close of Tuesday’s session.
Market players kept their guards up as they await the US labor data report, a strong reading of which could urge the Federal Reserve to increase interest rates this month – a decision that would be bearish for non-interest bearing gold...
The US economic growth has been sluggish in the first quarter, although not as strongly as initially expected, amid an increase in spending on home architecture and a constant increase in inventory investment by business...
Oil prices increased more than 1 percent on Monday after Goldman Sachs stated that the market has ended for nearly two years of oversupply subsequent to a global oil disruptions and a market deficit...
The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil...
World stock markets rallied on Tuesday, fueled by a strong corporate earnings in Europe, including improvements on Greek debt talks and Japan’s new pledge in preparation to a weaker currency...
Gold prices ticked higher as the greenback slid to 16-month lows during the session earlier. On the Comex division of the New York Mercantile Exchange, gold delivery for June rallied at $1,303.85 per troy ounce, advancing $6.55 or 0.51 percent...
Analysts forecast that Germany DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.
Shares in the U.S. plummeted following the decline of the stocks in the Asian market as the Bank of Japan left the interest rate unchanged...
Wall Street futures dropped on Friday after the Dow issued its first decline of more than 1% in two months, while investors are closely watching on data...