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Oil rises for second day on global demand recovery hopes

Economies.com
2020-06-26 09:09AM UTC

Oil prices rose in European trade for another session on hopes for a strong recovery for global demand and amid steps to relax strict Covid 19 quarantine measures. 

 

US crude rose 0.55% to $39.28 a barrel, while Brent climbed 0.7% to $41.68 a barrel. 

 

US crude marked a 2.7% profit yesterday, the first three days away from week lows at $37.10, while Brent added 2.9%. 

 

Satellite images showed strong traffic rebound in China, the US, and Europe after the Covid-19 led slump for months, while international air travel is resuming operations as well. 

 

Global demand tumbled over 30 million barrels, or 30% due to the Great Closure that was forced on the global economy due to the coronavirus pandemic. 

 

However in the US, official data showed crude inventories hit a new record high while output rose for the first time in three months, raising concerns of another supply glut. 

USD/JPY inches lower for first session in three

Economies.com
2020-06-26 06:04AM UTC

USD/JPY tilted lower in Asian trade off June 16 highs while on track for the first weekly profit in three weeks following earlier data from Japan and ahead of US data. 

 

As of 06:00 GMT, USD/JPY tilted 0.13% lower to 107.05, with an intraday high at 107.24. 

 

Earlier Japanese data showed the Tokyo consumer prices up 0.3%, while core prices rose 0.2% as expected. 

 

From the US, personal spending is expected up 8.9% in May, while personal income is expected down 6%, compared to a 10.5% increase in April. 

 

The final reading of the University of Michigan consumer sentiment survey is expected up slightly to 79.1 from 78.9. 

US stocks end higher as banks rally

Economies.com
2020-06-25 22:12PM UTC

The major US stock benchmarks rose on Thursday, to wipe out the earlier losses on the banking and energy sectors gains despite the release of weak data.

 

Data showed today that the US unemployment claims fell by 60,000 to 1.480 million during the past week, which is lower than forecasts of 1.3 million.

 

The US GDP shrank 5% in the first quarter of 2020, while the previous reading showed growth by 2.1% in Q4 2019.

 

Banks share rebounded after the US regulators announced that they will ease restrictions on banks to make investments in such areas as hedge funds, which is know as the "Volcker Rule" .

 

To the oil market, West Texas Intermediate crude rose 1.9% to close at $38.72 a barrel, after it hit a high of $38.8 and a low of $37.08.

 

Brent rose 1.8% to $41.05 a barrel, with a high of $42.2 and a low of $39.4.

 

As for stocks, Dow Jones rose 1.1% or 300  points to close at 25,745, with a day high of 25,769 and a low of 25,209.

 

Nasdaq rose 1.1% or 108 points to close at 10,017, after hitting a high of 10,023 and a low of 9,810.

 

S&P 500 added 1.1% or 33 points to 3,083, with today's high at 3,086 and a low of 3,024.

Silver closes over 1% higher, shrugs off firm dollar

Economies.com
2020-06-25 21:46PM UTC

Silver futures rose on Thursday, is spite of the US dollar rise against its peers, as the precious metal was lifted by weak US data.

 

Data showed today that the US unemployment claims fell by 60,000 to 1.480 million during the past week, which is lower than forecasts of 1.3 million.

 

The US GDP shrank 5% in the first quarter of 2020, while the previous reading showed growth by 2.1% in Q4 2019.

 

The dollar index rose against a basket of currencies by 0.2% to 97.3 points as of 21:35 GMT, after it hit a high of 97.6 and a low of 97.1.

 

Silver July futures rose 1.3% or 22 cents to close at $17.895 an ounce, after hitting a day high of $17.94 and a low of $17.50.

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What is the price of Oil today?

The price of Oil is $66.844 (2025-07-04 03:55AM UTC)