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Oil N' Gold Focus Reports
Risk-On Mode Returned Swiftly, Shrugging off Troubles ahead Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Nov 10 16 00:18 ET
Wall Street strengthened, despite selloff of US equity futures in Asia session on Wednesday. DJIA and S&P 500 indices added +1.4% and +1.1% respectively. Healthcare and financials led the market higher (a clear reaction to the specifics of the Trump policy platform). Although hopes of a December rate hike had dropped sharply as Trump was certain to win the election...
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Global Markets Slump amidst Fear over Trump Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Wed Nov 09 16 00:36 ET
The world has turned swiftly into risk-averse mode as Donald Trump sets to be the next US president. Asian shares slumped on Wednesday. Hong Kong's Hang Seng Index slumped as much as -870 points, or -3.8% to a 11-month low as investors are concerned about the economic impacts after Trump's victory. Other indices in the region also plunged with both Japan's Nikkei 225 index and Australia's S&P/ASX losing over -2%...
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Sentiment More Upbeat ahead of Presidental Election Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Nov 08 16 02:07 ET
Market sentiment rallied as political uncertainty appears to have eased ahead of the US presidential election today (November 8). FBI concluded its investigation into the email practices of Hillary Clinton. Despite the additional emails recently discovered, the agency has not changed its earlier finding that Hillary Clinton had not committed a crime.
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Weekly Fundamentals - Confidence on OPEC Dented Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 29 16 10:21 ET
Crude oil prices slumped on Friday, although USD declined on profit-taking, as the market lost confidence of an OPEC output cut. The front-month WTI crude contract, losing for the first time in 7 weeks, plunged -4.23% while the Brent crude contract, accelerating last week's fall, fell -4%. Both benchmarks settled below US$50/bbl for the week.
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Gulf Producers Boosted Oil Prices by Hinting More on Output Cut Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Oct 28 16 00:29 ET
Crude oil rebounded on bargain hunting and as news reported that Gulf OPEC members pledged to cut their peak output. The front-month WTI contract rose +1.1% to settle at 49.72, while the Brent contract added +0.98% to close at 50.47 for the day. Equities were a tad softer as investors turned to bonds for the lucrative yields. Wall Street weakened with DJIA and S&P 500 indices losing -0.165 and -0.3% respectively. Soaring of Fed funds rate hike hopes sent Treasury yields to highest levels in 5 months.
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Crude Oil Prices Extended Weakness despite Inventory Withdrawal Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Thu Oct 27 16 01:23 ET
Crude oil prices fell for a third consecutive day although US inventory surprisingly dropped last week. The market had got increasing doubtful over OPEC's production cut plan. The front-month WTI crude oil contract initially slipped to a 3-week low of 48.87, before ending the day at 49.18, down -1.56%. The Brent crude contract also plunged -1.6%, settling below US$50/bbl for the first time since September 30.
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WTI Crude Fell Below US$50/bbl Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 25 16 23:54 ET
Crude oil prices declined with the WTI benchmark closing below US$50/bbl for the first time in 3 weeks. After Iraq sought to be excluded from OPEC's proposed output cut deal, Russia reiterated that it has no plan to cut production for now. Meanwhile, a huge build in crude oil inventory further dampened sentiment. The front-month WTI crude oil contract dropped -1.108% to 49.96 at close, while the Brent contract fell -1.3% to settle at 50.79, the lowest close since September 30. Stock markets eased. Wall Street drifted lower on mixed earnings results and economic data.
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Hopes of OPEC Cut Dented as Iraq Seeks Exemption Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Tue Oct 25 16 00:58 ET
Energy prices remained range-bound and volatile, as the market gauges OPEC members' intention regarding the output cut deal. While not exempted from the Ageria proposal, Iraq indicated that it wanted to be excluded from output cuts as it needed more money to fight ISIS. Iraq produced 4.77M bpd last month and is the second largest OPEC producers after Saudi Arabia.
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Renminbi Depreciates Further, Japan's Manufacturing Activities Improved Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Mon Oct 24 16 01:09 ET
Equities in Asia remain steady after the release of Japanese trade balance and manufacturing PMI. All major stock indices have hold on to modest gains at the time of writing this article. Japan's trade surplus slipped to 0.35 trillion yen in September, from a downwardly revised 0.36 trillion a month ago. The market had anticipated a sharper drop to 0.21 trillion yen.
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Weekly Fundamentals- OPEC's Deal to Result in Shuffle of Market Dominance Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Sat Oct 22 16 12:28 ET
Energy prices were mixed last week. Bullishness arisen from the surprising withdrawal of US crude oil inventory was partly offset by rising concerns over implementation of OPEC's proposed output cut. While both crude oil benchmark managed to close above US$50/bbl for the week, the front-month WTI crude oil contract added +0.99% while the Brent contract was down -0.33%.
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ECB Signals Further Action in December Print E-mail
ONG Focus | Insights | Written by Oil N' Gold | Fri Oct 21 16 02:23 ET
Wall Street had a volatile day with disappointing earnings results weighed on the telecom sectors. Losses were then pared with benchmark indices down only mildly. The DJIA and S&P 500 indices dropped -0.2% and -0.1% respectively. US dollar rose against major currencies, especially against the euro after a dovish ECB. Energy prices slipped on US strength and as hopes of OPEC output cut dented.
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