Tuesday, 02 August 2016 08:13

Crude oil prices rise in Asia on rebound

On Tuesday, crude oil prices dared to rebound further during Asia trade from overnight dips as market participants took advantage of steep drops on global oversupply.

In New York, September delivery crude futures soared 0.35%, being worth $40.20 per barrel. Market participants are looking ahead to estimates of American crude as well as refined product stockpiles close to the end of the previous week from the American Petroleum Institute late on Tuesday. These figures are followed by more Wednesday’s closey-watched data from the American Department of Energy.    

In London, on the ICE Futures Exchange, October delivery Brent crude futures earned 0.57%, trading at $42.38 a barrel.

Overnight, crude prices rebounded towards April minimums during Monday’s North American trade, thus reapproaching bear market territory as signals of surging production in America and soaring output among members of the OPEC countries weighed.

Gold stays at 3-week peak

Gold prices were still at their three-week peaks during European trade as market participants waited for new indications regarding the timing of a probable US interest rate hike this year.  

December delivery gold futures sagged 0.03%, trading at $1,359.20 per troy ounce, just below a three-week high of $1,362.00 achieved last Friday. Yesterday, gold gained about 0.15%.

Market participants looked ahead to major US data later Tuesday in order estimate the overlal health of the world's greatest economy and whether it’s sturdy enough to warrant a rate lift later this year.

The Commerce Department is going to issue its June’s core personal consumption expenditure index along with personal income and spending for this month too.

The U.S. dollar index, gauging the greenback’s power against a trade-weighted basket of six key counterparts, slumped 0.2% being worth 95.56.

The greenback has been under great pressure during recent trading sessions amid waning hopes that the Fed will increase interest rates soon. 

Bazooka

Published in Commodities

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