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New oil tanker explosion shakes oil prices

Daily Analysis - 11/10/2019

Iranian oil tanker explosion sends prices up

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According to Iranian media on Friday, an explosion to an Iranian oil tanker was damaged severely while going through the Red Sea. The explosion happened near Saudi Arabia. There was no information from Saudi Arabia on the related explosion. According to state television, the blast destroyed two storerooms on the oil tanker. The recorded blast happened following the U.S. claim that in prior months Iran hit oil tankers near the Strait of Hormuz, at the entrance of the Persian Gulf, something Iran rejects categorically.

Oil on the rise


On Friday Oil rose, growing on profits in the previous trading day, following the producer club OPEC that indicated that it will be moving towards longer cuts in supply while confidence was restored covering talks between the United States and China to achieve an agreement.

U.S. West Texas Intermediate (WTI) crude futures surged 16 cents to $53.70 per barrel. International benchmark Brent crude futures moved up 16 cents to $59.25 a barrel.

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Gold is steadily going up


On Friday Gold moved firmly up, however settling within a narrow range while traders anticipated additional evidence on global risks including trade and Brexit. U.S. gold futures were little traded at $1,501.00 while Spot gold went 0.2% higher to $1,496.48 per ounce.

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U.S stocks went up after Trump’s positive remarks


On Friday morning the U.S. stock futures moved higher following President Donald Trump's announcement and the positive comments concerning the U.S.-China trade discussions.

Dow futures increased more than 90 points, registering a positive start of almost 120 points at around 02:45 a.m. S&P and NASDAQ futures were slightly higher. On Thursday Trump informed reporters that discussions between the two nations were going “really well.” His positive remarks appeared after the tweet that he will meet with Chinese vice Premier at the White House on Friday.

 

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