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Oil prices rose on Monday, erasing earlier losses, as countries around the world continued to ease lockdown measures imposed to combat the coronavirus pandemic, boosting hopes for a recovery in fuel demand. Amid quiet trading, with financial centres Singapore, London and New York all closed for holidays, Brent was up 6 cents, or 0.2%, at $35.19 a barrel by 0636 GMT. "Oil markets are focused on the potential for an easing of lockdown measures," said Michael McCarthy, chief market strategist at CMC Markets in Sydney.
Economic data puts the EUR in focus, while geopolitics and COVID-19 news and numbers will also influence on the day.
Oil prices imploded earlier this year, which has decimated many oil stocks. Things have gotten so bad that several have already declared bankruptcy. Four that seem to be likely bankruptcy candidates this year are Borr Drilling (NYSE: BORR), California Resources (NYSE: CRC), Denbury Resources (NYSE: DNR), and Oasis Petroleum (NYSE: OAS).
Oil prices have climbed throughout the month of May, but prices hit the pause button on Friday, losing some ground as markets fear that the global economic recovery might not go as smooth as expected
The enormous amount of monetary stimulus in the system, the need for that to continue for some time and the inflation risk are all bullish for gold.
The oil price collapse is forcing potential buyers of oil and gas fields to try and renegotiate deals or otherwise abandon them entirely
The next negative prices in energy contracts could soon be seen in European natural gas prices as lockdowns batter demand while storage capacity for the commodity is running out
Geopolitics will be a key driver in the week. Brexit and the Pound and a collapse in the U.S – China relations will be a test riskier assets.
The total value of the global pool of decommissioning projects that will accumulate through 2024 could reach $42 billion as companies shut down producing assets
Riskier assets bounced back last week, as hopes of an economic recovery overshadowed tensions between the U.S and China…
If the concerns over demand continue then look for the selling that began on Friday to drive the market into at least $28.34 over the short-run.
Based on Friday’s price action, the direction of June Comex gold over the near-term is likely to be determined by trader reaction to $1727.50.
The S&P; 500 rallied a bit during the week, reaching towards the 50 week EMA. The 3000 level of course offers a lot of attention above as well.
Crude oil markets tried to rally significantly during the week, but as you can see, we have struggled to get into the gap just above.
Silver initially fell again during the trading session on Friday but did recover a bit as the specter of the $17 underneath seems to be offering some support.
The crude oil markets pulled back a bit during the Friday session as the market is starting to face a gap in one grade and a major breakdown in another.
Gold markets rallied just a bit during the trading session on Friday, as we continue to see the overall buying opportunities present themselves underneath.
The direction of the June E-mini S&P; 500 Index the rest of the session on Friday is likely to be determined by trader reaction to 2930.25.
Tensions between Beijing and Washington have risen in recent days, over issues such as the coronavirus pandemic and stock market delisting.
Oil prices slumped Friday, weighed by concerns of an extended economic slowdown in China as well as the increased likelihood of a trade war. Earlier Friday, China, at the annual National People’s Congress in Beijing, dropped its official target for gross domestic product growth this year, for the first time in 30 years, suggesting a longer than expected period of economic uncertainty in the world’s largest importer of oil. China’s abandonment of the growth target "could be interpreted as putting less focus on infrastructure investment and could be viewed as negative for oil," Stephen Innes, chief global market strategist at AxiCorp, told Reuters.