Oil market still on the rise

Posted On 09 Aug 2016

The oil market on Monday continued the growth path that it was on after switching from a falling trend last week. On 8^th August, Brent rose 1.7%, breaking the important $45 per barrel level and closing at $45.16. On Tuesday morning, the growth in oil quotes has stopped and traders are fixing profit. The morning of 9^th August sees Brent on the IPE for just $44.95, although we”ll see what happens as the day drags on.

Gold prices on 8^th August lost 0.3%, hitting $1334.98 per troy ounce. This could be connected to the rise of commodity markets. However, the situation could change throughout the day today and we could see a slight growth.

The Dow 30 decreased 0.08% on Monday and the S&P 500 was down 0.09%. However, futures for the S&P on Tuesday morning are slightly up (+0.03%). The majority of Asian stock markets are on the rise this Tuesday. The Nikkei 225 is up 0.68% and the China A50 is up 0.49%. However, the Hang Seng has fallen 0.2%

Inflation data has come out of China this morning. The July CPI in the country rose 0.2% on that of June, although it was expected to be less at 0.1%. Annual inflation in June was at 1.8%; as expected. The data could be positive enough for the yuan against world currencies, although we expect to see these stats have an effect on the stock markets in the country.

Trading of the EURUSD on Tuesday morning remains practically unchanged on yesterday”s closing price. The euro has lost just 0.07% of its value against the dollar, with a euro going for 1.107 USD. The US and EU didn”t release any important stats yesterday, so currency traders prefer to sell euro and buy dollars in expectance of a worsening state of EU economies on account of Brexit. Today in Europe will see industrial production data and trading balance data for June, including that of Germany and the UK.

Source:: Oil market still on the rise

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