Surprise U.S stockpile drives Oil down

Daily Analysis - 15/05/2019

Oil dropped after U.S data

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On Wednesday Oil fell following data releases that revealed a rise in U.S. crude stockpiles. Those unexpected numbers affected the market but prices were backed by rising tensions in the Middle East. Moreover the Chinese industrial output for April rose less than anticipated.

The U.S. WTI crude futures went below 40 cents, to $61.35 per barrel. WTI closed up more than 1% in the previous session. Brent crude futures fell by 20 cents, to $71.00 per barrel.  On Tuesday Brent finished 1.4% higher.

Asia stocks recovered some losses


On Wednesday Asian stocks rose after the initial drop at the beginning of this week, while trade pressures between the U.S. and China increased.

In Hong Kong, the Hang Seng index increased by more than 0.7% while Japan’s Nikkei 225 increased by 0.20%. The Topix index scored about 0.19%. Mainland Chinese shares improved with the Shanghai Composite totaling more than 1%. The Shenzhen composite also grew by 1.3%.

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Gold fell from it 30-day top


On Wednesday the popular yellow metal Gold dropped, leaving behind the 30-day top scored in the previous session. The fall came after the confidence created from the trade talks between the U.S and China. That confidence eased investor’s anxieties and gave support to global stocks and the dollar. The head of dealing at Wing Fung Precious Metals in Hong Peter Fung said that “Gold is restrained as people are still interested in the dollar. The $1,300 level also looks like a good resistance”.

U.S. gold futures were near at $1,296.08 an ounce while Spot gold dropped 0.1% to $1,295.52 per ounce.

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Dow strikes back with more than 200 points profit


On Tuesday U.S Stocks surged recovering some of the injuries took from the last trading session. The recovery came while traders weighed the impact of the increased trade conflict between the United States and China. The S&P 500 improved about 0.8% to 2,834.40 as most of the tech stocks beat expectations. The Dow Jones Industrial Average climbed about 207 points to 25,532.00, supported by profits in Boeing and Visa stocks. The popular Nasdaq Composite rose more than 1% to close the day at 7,734.45.

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