Oil prices remain the focus point for global markets yesterday as investors asses the impact of sharply higher prices on global demand and the geopolitical outcomes over the attack on the Saudi refining facilities. The upcoming FOMC meeting tomorrow took actually the backstage for investors yesterday, as markets expect another 25 basis points decrease to 2% on the Federal Fund Rate. FX markets traded a lackluster session, the dollar traded higher versus the Euro and Sterling and mostly sideways versus other markets. Global equity markets traded lower after a gap down over the Saudi crisis on a typical Monday session, low volumes and narrow trading ranges. Metals traded sharply higher during the morning session, then lost ground as the USD got stronger and Gold closed at $1,497.9 per ounce, marginally higher on the day. Oil trading range was the biggest in 2019 following the biggest gap ever in prices, up nearly 20% and trading as high as $63.11 per barrel and as low as $59.5, a $3.5 range. More volatility is expected today as investor assess the chances of a military retaliation versus Yemenite terrorists, assumed responsible for the attacks and ahead of US inventories numbers tomorrow. Oil closed at 61.56 per barrel, up 14% at the close.
There is no important news on the agenda Tuesday. (all times GMT).
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Oil gaps up and closes 14% higher on the Saudi refining facilities attack over the weekend.
Nasdaq futures rebound after the gap down over the weekend, clear support level at lows.
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