Connect with us

Economics

Oil hovers above USD 100, gold struggles

Oil Crude prices tentatively breached the USD 100 level after the Bank of America fund manager survey showed global growth optimism was at an all-time…

Published

on

This article was originally published by Market Pulse

Oil

Crude prices tentatively breached the USD 100 level after the Bank of America fund manager survey showed global growth optimism was at an all-time low. ​ Earlier in London, oil was declining after reports Congo was looking to bolster up its oil sector by offering 30 oil and gas exploration blocks for licensing. ​ ​

The oil market is swinging all over the place as the volatility with the global crude demand outlook has been head-spinning. ​ Crude prices pared losses after reports that Chinese demand for Saudi oil was improving. ​ The oil market is still very tight but energy traders are unconvinced how the demand outlook will hold up over the next few months. ​

The US dollar has been declining over the past few days and that has been welcome news for oil, but another major move for the greenback might not happen until we see what happens with the Nord Stream 1 pipeline restart and the ECB policy decision. ​

WTI crude seems poised to seesaw around the USD 100 a barrel level. ​

Gold

Gold prices continue to hover above the USD 1700 level despite a weakening US dollar. ​ After three days of dollar weakness, gold still can’t make a meaningful move higher, which means sellers are still in control. ​ Gold needs China’s outlook to improve before it can muster up a meaningful rally and that might take time. ​ Too much uncertainty remains with China’s COVID situation, rising property risks, and lack of urgency from the PBOC to ease.

dollar
gold
policy
us dollar

Economics

Mooners and Shakers: Top analyst says $100k Bitcoin just ‘a matter of time’; for now, baby steps towards US$24k

As George Costanza once said… "it moved!" Bitcoin surged above US$24k for a few hours overnight (AEST) while ETH poked … Read More
The post Mooners…

Continue Reading
Economics

Are Bonds Really A Buy

Are Bonds Really A Buy

By Russell Clark of the Capital Flows and Asset Markets Substack

Every time I open twitter these days, I see someone…

Continue Reading
Economics

Global Food Prices Plummet by Most Since 2008

Despite assurances from government officials and central bank policy makers that inflation was going to be anything but permanent, it
The post Global Food…

Continue Reading

Trending