After a 6% drop, oil a minor retracement
International Brent crude oil futures were at $63.60 up about $1.05 per barrel while the U.S. West Texas Intermediate crude futures, moved up about $1.02 cents, at $54.44 a barrel.
On Wednesday oil jumped back about $1 per barrel to make back some of yesterday’s almost 6% fall. What gave momentum to this move was a report of an unanticipated drop in U.S. commercial crude inventories and record Indian crude imports.
Although traders continued to worry by the International Energy Agency (IEA) signal a warning of unusual uncertainty in oil markets due to challenging economic conditions and political uncertainty.
Safe haven Dollar demand drives Gold a bit lower
Spot gold fell 0.1% to $1,220.35 per ounce while U.S. gold futures remained flat at about $1,220.5 per ounce.
Early today Gold prices softened lightly as the popular greenback was supported by the investor’s safe-haven appetite. Another important factor also was the U.S.-China tensions amid heightened risk aversion.
The dollar lifted versus its major rivals early today, while investors avoided hazardous assets and supported safe-haven currencies on raised concerns about a decelerating global growth and the US-China trade conflict.
The popular dollar index was steady following a profit of about 0.7 in the previous trading session. On the other hand, Asian stocks declined, due to a recent sell-off in Wall Street.
Dow falls more than 500 points
Yesterday the S&P 500 and the Dow Jones Industrial Average dropped and became red for the year while a drop in key stocks pressured retailers. At the same time, some of the most popular technology shares sank once more. The S&P 500 fell about 1.79% to end at 2,641.88.
The Dow fell 551.79 points to 24,465.63. The Dow and S&P 500 moved up about 1.1 % each, for 2018 starting Tuesday. Now, the Nasdaq Composite also fell about 1.7% to 6,908.80 but stayed on to a small profit for the year. Yesterday drops occurred following the Dow decline of 393 points at the start of the week.
Theresa May heads to Brussels today
Today afternoon the UK Prime minister is going to meet with the European Commission President Jean-Claude Juncker. She is hoping to achieve an initial deal for the future ties between the U.K. and the EU.
The main focus at the moment in Brussels is the smooth relationship with the UK, as Westminster is remains bogged down by the country’s exit deal.
Journalists in the Belgian capital are anticipating for the announcement of a draft proposal that will be the key after the U.K. moves out from the European Union in March of 2019. After the deadline the official Brexit date, the U.K. and the EU will settle their future relations including new negotiating agreements. But, the plan is to match on the basis for those discussions before a specific Brexit summit at the end of the week.