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Oil rises nearly 1.5% ahead of US inventories data

Economies.com
2021-09-21 12:29PM UTC

Oil prices rose as the US market opened on Tuesday, to for the first gain in 4 days, ahead of the US crude inventories data.

 

US crude rose 1.5% to $71.46 a barrel, after opening at $70.43, and hit a low at $70.39, and Brent crude rose more than 1.1% to $75.16 a barrel, after opening at $74.41, and hit a low at $74.22.

 

The US crude fell 1.9% yesterday, and Brent crude fell 1.6%, in the third straight daily loss, due to concerns about the Chinese economy.

 

Oil is also being lifted thanks to a drop in the US dollar against a basket of major currencies, which lifts demand for dollar-denominated commodities and metals.

 

The American Petroleum Institute will release its preliminary report on the US crude inventories later today, and the US Energy Information Administration will release the official data on Wednesday.

 

The American Petroleum Institute reported in preliminary data last week that the US crude inventories fell to the lowest level in nearly 2 years.

Dollar falls from 4-week high ahead of Fed's meeting

Economies.com
2021-09-21 12:07PM UTC

The US dollar fell against its peers on Tuesday, deepening losses for second straight day, on profit-taking from a 4-week high, ahead of the US Federal Reserve's meeting.

 

The dollar index fell 0.2% to 93.06 points, after opening at 93.24 points, and hit a low of 93.27 points.

 

The US dollar index fell less than 0.1% yesterday, on profit-taking from a 4-week high at 93.45 points.

 

Most global stock markets rebounded today after the People's Bank of China has injected huge sums of money, in attempts to ease global markets' concerns about the world's second largest economy.

 

The Fed will convene later today to decide on monetary policy and provide clarity over the future of its decision in light of the recent economic data, amid expectations to start reducing its bond-buying before the end of this year, which is an essential step before an interest rate hike.

 

The markets are anticipating the Fed’s next step, especially after the release of mixed economic data, while the central bank hinted to start reducing its bond-buying before the end of this year, which is an essential step before an interest rate hike.

European stocks rebound from 2-month low as fears over Evergrande ease

Economies.com
2021-09-21 11:15AM UTC

European stocks rose on Tuesday, rebounding from a 2-month low, while on track for the first gain in 3 session, as concerns over the Chinese company Evergrande crisis start to ease.

 

The Stoxx Europe 600 index rose 1.1% as of 10:55 GMT, after closing lower by 1.6% yesterday, and hit a 2-month low at 450.25 points.

 

The mining sector saw the largest gains in Europe today, with a rise of more than 1.75%, followed by the energy sector with a rise by 1.5%.

 

China's real estate giant Evergrande continues to face a disastrous debt default scenario, which could destabilize many economic sectors in China, maid concerns about the integrity of the Chinese real estate and credit markets.

 

The People's Bank of China has injected huge sums of money, in attempts to ease global markets' concerns about the world's second largest economy.

 

S&P 500 futures rose 0.9% today, after the index closed lower by 1.7%, and hit a 2-month low.

 

The Fed will convene later today to decide on monetary policy and provide clarity over the future of its decision in light of the recent economic data, amid expectations to start reducing its bond-buying before the end of this year, which is an essential step before an interest rate hike.

 

Back to Europe, the Euro Stoxx 50 index rose 1.3%, France's CAC 40 rose 1.4%, Germany's DAX index rose 1.5%, and the UK's FTSE 100 rose 1.2%.

Gold continues to recover ahead of Fed's meeting

Economies.com
2021-09-21 10:33AM UTC

Gold prices rose on Tuesday, to extend recovery for the second day from a 6-week low, lifted by strong safe-haven demand, amid concerns over the Evergrande Company crisis and ahead of the US Federal Reserve meeting.

 

Gold prices fell rose 0.2% to $1,768.20 an ounce, after opening at $1,764.60, and hit a high of $1,757.93.

 

Gold closed higher by 0.5% yesterday, after hitting 7-week low at $1,742.02 an ounce.

 

Otherwise, China's real estate giant Evergrande continues to face a disastrous debt default scenario, which could destabilize many economic sectors in China, maid concerns about the integrity of the Chinese real estate and credit markets.

 

The Fed will convene later today to decide on monetary policy and provide clarity over the future of its decision in light of the recent economic data, amid expectations to keep the interest rate at 0.25% unchanged.

 

The markets are anticipating the Fed’s next step, especially after the release of mixed economic data, while the central bank hinted to start reducing its bond-buying before the end of this year, which is an essential step before an interest rate hike.

 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the highest since August 25 at 1001.66 metric tonnes.

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The price of Oil is $66.485 (2025-07-04 23:55PM UTC)