US - Iran tensions affect oil

Daily Analysis - 23/04/2019

Oil prices are near 2019 tops


On Monday in a surprise move, the United States demanded from oil consumers of Iranian oil to stop buying from Iran by the first of May. If they fail to comply they will suffer penalties as well. The statement comes to end the half year of waivers that allowed Iran’s buyers to continue buying limited quantities of oil. On Tuesday oil prices were near 2019 tops following the announcement. U.S. WTI crude futures scored their greatest level since last year at $65.90 per barrel before retracing back to $65.87 while Brent crude futures were up at $74.39 per barrel.

Asian markets mixed trade

On Tuesday Asian stocks traded mixed while the U.S. earnings season comes to play. South Korea’s Kospi was mainly in a range with the popular Samsung falling more than 0.3%. The fall came after the company's statement that they will probably delay the release of its anticipated foldable smartphone.

Japan's Nikkei 225 was somewhat below while the Topix index was more than 0.20% higher.


Gold is steady for now

On Monday, Gold looked steady while it continues to hover above a 120-day low reached in the previous trading day. The support came from a softer greenback and the expectations that arose from the announcement of the United States to set further limitations on Iran’s oil exportation. The U.S. gold futures ended higher $1.59 at $1,277.59 an ounce while the spot gold was somewhat up at $1,275.60 per ounce.


Dollar index on the move

On Tuesday the popular greenback went up versus a bucket of major currencies, while the CAD was helped by the increasing crude oil rates due to the U.S. intention to set further limitations on Iran’s oil exports.

New Zealand and Australian markets resumed their operations after the Easter holiday and were set to resume also across Europe today. The dollar index versus a box of six key competitors was a little higher at 97.335.


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