1. Oil Prices Firm On More OPEC Cuts
Oil prices continued on a long rally on Friday, supported by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela. International Brent crude oil futures (CL_BRENT) were at $71.09 per barrel at 6:32 GMT, up 26 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (USOIL) crude futures were at $63.87 per barrel, up 29 cents, or 0.5 percent, from their previous settlement.*
2. Oil Prices Firm On More OPEC Cuts
Spot gold recovered some of yesterday’s losses this morning to last trade at $1,294.04 per ounce as of 6:40 GMT, after touching a one-week low on Thursday. Gold is expected to continue to edge higher as the dollar remains subdued. It should be noted that Gold has declined the most in two weeks in the previous session after strong U.S. economic data, but the metal’s losses were limited by falls in the dollar and Asian equities.**
3. Cryptos Edge Lower
Bitcoin and other major cryptocurrencies are nursing substantial losses amid growing bearish sentiments. The total capitalization of all digital assets in circulation collapsed to $168 billion, from $181 on Thursday, while an average daily trading volume increased to $59B, compared to $53 billion on Thursday. The Litecoin price, while usually relatively stable, is also under a lot of pressure. Its value has dipped below $80 and could even drop below $75 very soon.***
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*Source: CNBC Apr 12, 2019 2:48 AM ET
**Source: Reuters Apr 12, 2019 3:53 AM ET
***Source: FXStreet Apr 12, 2019 03:07 AM ET
