Forex Marketz Daily Forex News – Fully Markets Update
During the Asian trade session, on Monday, crude oil futures contracts rallied two percent higher to trade near highs not seen since November 2018. Traders are digesting news, first released by the Washington Post that the United State will end sanctions waivers and enforce a global ban on all Iranian oil exports.
The international benchmark, Brent crude futures contact rose higher. As of 2:20 am GMT, the Brent futures contract was trading at the November 2018 high of $73.77 per barrel. This was a surge of 2.5 percent from Friday’s closing price.
U.S. West Texas Intermediate (WTI) crude futures, for front end delivery, also gained. This contract is at its November 2018 high of $65.39 per barrel. This is a gain of 2.2 percent from their last settlement on Friday.
Crude Oil Prices gain and Support the Gold Contracts
Traders are digesting a headline from the Washington Post that the United States is preparing to announce that all waivers of Iranian oil exports will shortly come to an end. This caused the price of the black gold to rally during the morning Asian trade session.
Traders are also looking at recent solid economic data. Looking at economic data, released just last week, showed that retail sales in March grew by the most in 18 months. This indicates that economic growth in the U.S. expanded in the first quarter of this year.
