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Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling

Author:
Valentin Lazarov
Market News

Oil prices stabilized on Tuesday on expectations that producer group OPEC and its allies will keep withholding supply to prevent prices from tumbling amid a broad economic slowdown which has started eating away at fuel demand growth.

Front-month Brent crude futures, the international benchmark for oil prices, were at $62.36 at 0023 GMT, 7 cents, or 0.1%, above Friday’s close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.42 per barrel, 16 cents, or 0.3%, above their last settlement.

Prices fell by around 1% in the previous session and crude futures are down by some 20% from their 2019 peaks in late April, dragged lower by a widespread economic downturn that has started to impact oil consumption.

Gold prices steadied on Tuesday following a steep fall in the previous session, as fresh concerns on Sino-U.S. trade unsettled the market optimism that followed a U.S.-Mexico deal.

Spot gold was up 0.1% at $1328.77 as of 0137 GMT.

U.S. gold futures were 0.3% higher at $1,333.40 an ounce.

Gold fell over 1% in the previous session to an intra-day low of $1,324.50 after markets took heart from the deal between the United States and Mexico to avert yet another tariff war late last week.

Stocks rose on Monday, extending last week’s big gains, after the U.S. reached an agreement with Mexico on tariffs, easing some of the trade concerns which have weighed on the market since early May.

The Dow Jones Industrial Average rose for a sixth straight session, finishing the day 78.74 points, or 0.3%, higher at 26,062.68. The S&P 500 gained about 0.5% at 2,886.73 and is now a little more than 2% from its intraday all-time high hit on May 1. The Nasdaq Composite rose 1.1% to 7,823.17 on Monday, led by Amazon.

Stocks closed off their highs of the day. The Dow was up 226.67 points at its high.

Source:CNBC

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.