Commodities like Gold are the safe havens of choice when it comes to uncertainty in the international markets and that is evident in the current rise in the precious metal. The Gold (XAU) price has risen close to 4% since the start of the month as the U.S-China trade war fears pick up steam.
Source - Bloomberg
The Oil market has not been spared by the U.S-China trade war uncertainty as can be seen in the decline in Oil prices despite the OPEC + nations supply cuts.
The recent Oil inventories release placed a damper on the price of WTI and Brent as Crude Oil prices fell as much as 4% as stockpiles continued to increase. Crude inventories rose by 2.2 million barrels from the analyst expected decline of 481 000 barrels.
The Oil market rose quite significantly this morning as news broke that two Oil tankers were attacked in the Gulf of Oman and that the tankers were on fire. Crude rebounded over 4% but gave back some earlier gains as news trickles in.
Source - Bloomberg
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