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Market News 【TOP 1 Morning】Oil prices rebounded by 2%, gold fell below US$1,900

【TOP 1 Morning】Oil prices rebounded by 2%, gold fell below US$1,900

Analysts expect that today’s EIA report shows a reduction in crude oil inventories.

TOPONE Markets Analyst
2020-10-15
642

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Crude oil: Oil prices rose on Wednesday as the Organization of the Petroleum Exporting Countries (OPEC) reached an agreement to cut production in September. The settlement price of Brent crude oil futures for December delivery rose 0.87 US dollars, or 2.05%, to 43.32 US dollars per barrel. The settlement price of US crude oil futures rose 0.84 US dollars, or 2.09%, to 41.04 US dollars per barrel.


Data released by the American Petroleum Institute (API) on Wednesday showed that US crude and refined oil inventories fell last week. As of the week of October 9, crude oil inventories fell by 5.4 million barrels to approximately 495.4 million barrels. Analysts surveyed by Reuters expected a decrease of 2.8 million barrels. According to a Reuters survey, analysts expect the EIA report released on Thursday to also show a reduction in crude oil inventories.


Gold: The price of gold fell and spot gold was quoted at US$1,896.51 per ounce. The settlement price of US gold futures rose 0.7% to $1,907.30 per ounce.


Silver rose 0.5% to US$24.30 per ounce, platinum fell 0.7% to US$859.30 per ounce, and palladium rose 1.2% to US$2,342.32 per ounce.


Comex silver's December transaction price rose 0.82% to USD24.328 per troy ounce; December copper transaction price rose 0.19% to USD3.0503 per pound.


Follow the news:

October 15 22:30 (GMT+8) European Central Bank President Lagarde delivered a speech

October 16th 20:30 (GMT+8) US September retail sales monthly rate

October 16 at 22:00 (GMT+8) US October University of Michigan Consumer Confidence Index Initial Value


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