Following the stabilization of the Asian oil price, the international oil price shocks were traded on Monday (October 23). The instability in the Middle East and a decline in drilling activity in the United States have led analysts to warn that the us oil market is not as optimistic as the market expects.
U.S. WTI crude for December futures closed up $0.06, or 0.12 percent, at $51.90 per barrel on Monday, October 23. Brent crude for December delivery fell 38 cents, or 0.66 percent, to $57.37 a barrel, up 1.08% this week. Supply disruptions in Iraq and a decline in U.S. drilling have continued to support oil prices, but the dollar's rebound has limited the upside for oil prices. U.S. WTI crude oil futures hit a session high of $52.30 a barrel, while brent futures hit a session low of $57.28 a barrel.
Spot gold on Monday (October 23) was boosted by a huge bill to stop the rally, with us trading up to $12,83.28 an ounce and gold back to the 1280 mark. US President Donald trump reportedly told reporters on Monday that he was already very close to the new chairman of the federal reserve. After the news was announced, gold market appeared a lot of technical buying.
The Australian dollar was hovering near 0.7810 in morning trading on Tuesday (October 24).
COMEX gold closed lower on Friday, weighed down by a stronger dollar as U.S. senate republicans passed the next fiscal year's budget to clear key hurdles for tax reform. At 13:30 New York time (01:30 GMT on October 21), comexdecember was down $9.50, or 0.7 percent, at $1,280.50 an ounce. This week it fell 1.8 per cent, five of the past six weeks.
Oil traders and analysts turned to bearish bets on U.S. crude oil prices next week, according to a survey released Friday.