Oil rose towards $70 a barrel on Monday, lifted by a drop in drilling activity in the United States and concerns that Washington could reintroduce sanctions against Iran.
Oil creeps up towards $70 on lower U.S. drilling, Iran sanctions concern – Oil rose towards $70 a barrel on Monday, lifted by a drop in drilling activity in the United States and concerns that Washington could reintroduce sanctions against Iran. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output. Trading volume was lower than normal as many countries were still on Easter holiday. “The market is set for a re-test of the highs of 2018,” said Olivier Jakob, oil analyst at Petromatrix. “The Iranian factor is going to be a very significant input for the next four weeks. It is going to be an underlying support for the whole month.” U.S. President Donald Trump has threatened to pull out of a 2015 international nuclear deal with Tehran under which Iranian oil exports have risen. He has given the European signatories a May 12 deadline to “fix the terrible flaws” of the
Gold Prices Move Higher on Softer Dollar, Trade Tensions – Gold prices pushed higher on Monday boosted by the softer dollar and in escalation in trade tensions between the U.S. and China, which underpinned safe haven demand for the precious metal. China announced Monday that it is increasing tariffs by up to 25% on certain U.S. imports in response to U.S. duties on imports of aluminum and steel. The move intensified trade tensions between the world’s two largest economies, which investors fear could escalate into a full blown trade war and deal a blow to the global economy. Investors seek out gold as a store of value during times of political or economic uncertainty, while a weaker dollar makes dollar-denominated commodities cheaper for holders of other currencies. Trade volumes looked likely to remain low on Monday with markets in Europe shut for the Easter holiday, while U.S. markets were to re-open after the Good Friday holiday. Investors were looking ahead to the Institute for Supply Management’s U.S.
manufacturing index later in the day.
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