(21 October 2020)DAILY MARKET BRIEF 2:Oil costs have declined

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Within the commodity market, oil costs have declined as buyers are anxious about oversupply after an surprising improve in US crude inventories. The American Petroleum Institute stated that crude inventories rose virtually 600,000 barrels within the week ending on October 16, whereas analysts anticipated a draw of about 1 million barrels. In the meantime, the variety of COVID infections continues to extend, with some European nations introducing new lockdown measures.

Gold is up on stimulus hopes and amid a weakening US greenback. The metallic has gained 0.25% to $1,920, touching the very best stage since October 13. Nevertheless, gold may lose floor if stimulus talks result in nowhere.

In FX, the dollar continued to say no amid stimulus hopes, as buyers shifted to riskier belongings. The USD Index fell 0.27% to a month-to-month low at 92.800. EUR/USD surged 0.32% to 1.1860.

By Technique Desk

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