Tuesday, August 16, 2016

Oil prices hit one-month highs, Safe haven currency USD lower against major currencies

Good news from oil prices, one of safe haven currency on commodities market, Oil prices hit one-month highs on Monday, gaining 10 percent or more in a three-day rally as speculation intensified over potential producer action to support prices amid a glut of crude. What a great time to preparing invest in oil and gas industry

Russian Energy Minister Alexander Novak as reported from Reuters said on Monday his country is consulting with Saudi Arabia and other producers to achieve oil market stability, bolstering hopes that oil producing nations could take action to stabilise prices. Oil prices stability is the core

The oil and gas market started to rally on Thursday after Saudi energy minister said non-members and members of the Organization of the Petroleum Exporting Countries (OPEC) are to meet on the sidelines of the International Energy Forum, which groups producers and consumers, in Algeria from Sept. 26-28.

What about Brent crude latest update, Brent crude LCOc1 traded at $48.01 a barrel, down 0.7 percent from Monday but still not far from Monday's high of $48.46, its highest since July 12. Brent has gained more than 9 percent cumulatively since then. Since the start of August, it has risen more than 13 percent.

Meanwhile In currencies market, the safe haven currency us dollar slipped slightly but was broadly stuck in its recent trading ranges as market players look to the minutes from the Fed's July policy meeting, due on Wednesday.

"At that meeting, the Fed revised up its view on the labour market and said risks to the economy diminished. So markets will be keen to see what discussion they had on future rate hikes," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management.

Source : Reuters

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