Monday, 19 February 2018
What’s next? – GOLD, OIL 19.02.18
GOLD
Gold futures were lower in early trading hours on Monday, despite the dollar easing some of its prior gains as interest for risky assets continued to repair.
On the Comex division of the New York Mercantile Exchange, gold futures were down 0.24 percent at $1.352.90 a troy ounce as of 03:00 GMT.
The yellow metal settled lower on Friday, moving away from three-week highs as the greenback rebounded against major competitors, although it continued to trade near multi-year lows.
Bullion prices added 3.08 percent for the week, trading near their peaks since mid-2016.
The dollar-denominated metal is sensitive to changes in the US currency. A weaker greenback makes the metal more attractive for investors holding foreign currencies.
The US dollar index, which measures the greenback against six major currencies, was trading 0.15 percent lower at 88.88 by the time of this writing. Last week, the USDX fell 1.46 percent.
The American currency was under pressure as expectations on potential faster monetary adjustments outside the United States continued to build.
Rising speculation that the Federal Reserve will hike rates at a faster pace in 2018 were simply not enough to support the greenback. Benchmark rates remain at the 1.25-1.50 percent range.
The precious metal has also been supported by the Lunar New Year holiday in Asia, which is likely to increase physical demand for gold.
OIL
Crude oil prices were higher in early Asian hours on Monday, extending weekly gains as investors' sentiment remains supported by OPEC cuts.
The US West Texas Intermediate crude contracts were up 1.22 percent to $62.30 per barrel as of 03:00 GMT. Meanwhile, Brent futures added 0.82 percent to $65.37 a barrel.
Crude benchmarks ended in green territory on Friday for a third straight session, with market participants cheered by the ongoing effect of OPEC-led efforts to balance the market.
The US dollar index, which measures the greenback against six major currencies, was trading 0.15 percent lower at 88.88 by the time of this writing. Last week, the USDX fell 1.46 percent.
The American currency was under pressure as expectations on potential faster monetary adjustments outside the United States continued to build.
A weaker base currency makes oil a cheaper investment alternative for market players holding other currencies, a factor typically associated with a boost in demand.
For the week, WTI contracts with delivery in April were up 4.2 percent at nearly $61.55 per barrel, while Brent futures gained 3.3 percent at $64.84 a barrel.
United Arab Emirates energy minister Suhail al-Mazroui said the world’s top producers, starring Saudi Arabia and Russia, are discussing a potential long-term agreement to keep output down.
The Organization of the Petroleum Exporting Countries (OPEC) together with Russia and other independent producers agreed in December to extend cuts until the end of 2018.
On the data front, Baker Hughes said on Friday the weekly oil rig count has risen by 51 to 798. This massive build in the count anticipates a potential increase in near-term output.
Last week, the US Energy Information Administration said crude supplies rose 1.841 million barrels in the week ended Feb 9, compared to a 2.825 million barrels build seen.
Blog Archive
- August ( 1 )
- July ( 1 )
- June ( 7 )
- May ( 2 )
- April ( 2 )
- March ( 5 )
- February ( 8 )
- January ( 14 )
- December ( 3 )
- November ( 11 )
- October ( 10 )
- September ( 4 )
- August ( 10 )
- July ( 3 )
- June ( 5 )
- May ( 12 )
- April ( 12 )
- March ( 38 )
- February ( 34 )
- January ( 36 )
- December ( 16 )
- November ( 36 )
- October ( 27 )
- September ( 34 )
- August ( 58 )
- July ( 58 )
- June ( 35 )
- May ( 92 )
- April ( 69 )
- March ( 69 )
- February ( 63 )
- January ( 48 )
- December ( 27 )
- November ( 78 )
- October ( 104 )
- September ( 113 )
- August ( 119 )
- July ( 53 )
- June ( 107 )
- May ( 49 )
- April ( 53 )
- March ( 54 )
- February ( 46 )
- September ( 1 )
- August ( 24 )
- October ( 4 )
- September ( 6 )
- August ( 3 )
- July ( 6 )
- June ( 3 )
- May ( 1 )
- April ( 1 )
- March ( 6 )
- February ( 4 )
- January ( 4 )
- December ( 4 )
- November ( 4 )
- October ( 3 )
Labels
- what’s next ( 553 )
- trading signals ( 230 )
- Wall Street ( 197 )
- Crypto ( 174 )
- this is interesting ( 162 )
- company news ( 93 )
- motivation ( 78 )
- weekly outlook ( 64 )
- trading tips ( 52 )
- fundamental review ( 48 )
- politics ( 45 )
- about us ( 43 )
- success tips ( 34 )
- promotion ( 32 )
- Buy ( 14 )
- sell ( 13 )
- how to ( 12 )
- Bonus.Welcome Bonus ( 10 )
- Bonus ( 8 )
- Equities ( 8 )
- RateBattle ( 8 )
- technical analysis ( 8 )
- gold ( 7 )
- stocks ( 7 )
- no deposit bonus ( 6 )
- deposit bonus ( 3 )
- Cash4Signal ( 2 )
- Contest ( 2 )
- Welcome Bonus ( 2 )
- 10% cashback ( 1 )
- Weekly trading ( 1 )
- Weekly trading statistics ( 1 )
- no deposit bonus! ( 1 )
© Fort Financial Services - EN 2017 .
I think that after reading advices from https://paperovernight.com/blog/summarize-the-article you will learn more about summarizing article. It will help you to get a high grade
ReplyDelete