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Oil prices rose at a record pace at the end of last week. Brent went up by 7.3%, WTI - by 9%, which could be the most significant increase in oil prices since 2016. Optimism in the commodity market is caused by the growth of the global economy and the reduction in supplies from OPEC. Additional market support was provided by the Federal Reserve System (Fed), led by Jerome Powell, who plans to keep a cautious rate and raise interest rates in a balanced way. The head of the department of macroeconomic research at Julius Baer Group, Norbert Ruecker, is full of hopes regarding the oil market, he is confident that the demand for fuel will remain at a decent level in the near future.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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