There has been massive in the global market as the price of oil faces an extreme level of selling pressure in the global market due to the increase of recent supply of oil. Most of the leading oil investors were in doubt since the price of oil was going down by breaking many important levels in the market. However, the price of oil found its first strong ground in the market after the OPEC stated their oil cut policy in the global market. Such a drastic action from the OPEC leaders has not yet been seen in the global market since 2008.The oil investors found a strong sign of relief in the global market after they were informed about the production cap in oil to bring stability in the oil price. The price of Brent started a strong bullish rally in the market after hitting the bottom at 26.01 and most of the leading investors made a decent profit in the market. However, the leading oil researchers are now overly cautious about the energy market since there are lots of uncertainty since in order to bring stability in the energy sectors a positive approach from all of the leading oil producing country is strongly required. Decent Jump in crude: In the last Friday the price of crude oil jumped after hitting a minor support level in the market due to the optimistic statement from OPEC leaders. The leading oil investors are now seeing a light of hope in the market…
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The recent presidential election has created massive chaos in the financial market in the last week and investors are overly cautious since Donald Trump has taken the responsibility for the U.S government defeating Mrs. Clinton. There was supposed to be a strong bearish sentiment in the market since Mr. Trump is mostly against international trade and his anti-social policies also directly affects the growth of green bucks. However, the green bucks gained immense strength on the newly elected president which was totally an unexpected event in the financial world. On last Friday the gold price slipped lower to five months low indicating that trump is not significantly bad for U.S economy. According to New York Mercantile Exchange, the price of gold settled down to 3.10% at $1227.15 per ounce. This is considered to be the lowest settlement in the gold price since 6th march 2016.The increased fiscal spending and tax cuts under the supervision of Mr. Trump boosted the market sentiment to a great extent indicating a strong possibility of economic growth and the well-balanced inflation rate in the near term future. The ongoing interest rate hike decision by the FED also created immense pressure in the financial industry which ultimately drove down the price of gold since the FED is most likely to hike their interest rate in the month of December. Previously the proximity of rate hike by the FED in the month of December was only 67.3% which has now increased over 80% focusing the recent presidential…
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There has been a steady rise in the oil price and the market traded fairly higher on Friday securing a fifth consecutive gain in the live market. The current rise in the crude oil price with decent volatility has eased the producer to a certain extent. Crude CLZ6.+0.73% added more than 22 cents or 0.14% to settle the price of each barrel at $ 50.85 in the new York mercantile Exchange. According to the FactSet, the most active contracts also gained about 1% in the last week. the price of Brent crude ended with 0.3% loss in the last week but Brent crude LCOZ6 added more than 40 cents which lead the barrel price to $51.78 which are equivalent a rise of 0.8%.The price of crude oil found a decent support after the Russian energy minister Alexander Novak coordinated the major oil producer to stem the two-year slide in oil price. Novak is also going to travel to Saudi Arabia to further intensify the growth oil industry so that the consumers find a solid stability in the price of crude oil. The head of state of the owned oil company Rosneft said that he is not ready yet to limit the production of the oil yet. Moreover, he has raised the capacity to 200 million metric tons a year or 4 million barrels per day which are an astounding increase in the production oil in the recent days. The average oil production by the Russian economy has exceeded 11.2 million…
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The dollar rose against other major currencies after data released which showed that the US private sector, agricultural van, opened the 177,000 jobs in August. Official data showed that the US private sector, agricultural van, opened the 177,000 jobs in August, after rising 194,000 in July, while analysts expected growth of 175.000.Forex pair EUR / USD fell to 1.1131. The US currency rose against the yen, pound and Swiss franc. USD / JPY climbed to 103.42, GBP / USD fell to 1.3085, and USD / CHF jumped to 0.9845. USD / CAD rose to 1.3124, AUD / USD fell to 0.7500, while the NZD / USD dropped to 0.7235. Canadian gross domestic product rose in July by 0.6 percent after falling 0.6 percent in the previous month. Economists had predicted growth of 0.4 percent. Preliminary data showed that industrial production in Japan remained unchanged in July, after rising 2.3 percent in the previous month, while the predicted growth of 0.8 percent. The number of new houses in Japan rose in the second quarter to 8.9 percent from minus 2.5 percent in the previous quarter, while analysts expected growth of 7.4 percent. Retail sales in Germany rose in July to 1.7 percent, after falling 0.6 percent in the previous month, while analysts expected growth of 0.5 percent. The unemployment rate in the eurozone was unchanged. US stocks on Wall Street have fallen because they are better than expected data on consumer confidence index in the United States prompted concerns that the…
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